Welcome to this week’s installment of “The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner Ortex.com, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this version will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios. This report will also continue to layer the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report will continue to track the trading period that covers prior Friday through Thursday of this week.

As a basis of comparison, the S&P 500 index was up 2.1%, the Russell 2000 index was up 2.1%, the Russell 1000 Growth ETF (IWF) was up 1.9% ex-dividend, and the Russell 1000 Value ETF (IWD) was up 1.3% ex-dividend in the period range.

SHORT INTEREST GAINERS

• Amplify Energy (AMPY) crashed the elevated short-interest list this week as news broke that the company is responsible for an oil spill off the coast of California. So troublesome was the announcement that Amplify’s CEO spent the day assuaging investors about the company’s insurance in its ability to cover related costs. Short interest on Amplify shares jumped 84 points to 87% and days to cover quintupled to 2.1. Shares were down 36.1% in the five-day period covered.
• Lordstown Motors (RIDE) has had a comparably forgettable week as the initial spike in stock price following the company’s announcement of a plant sale to Foxconn was quickly reassessed as a major change in its business model, while the Street dug in to the financials of the deal to determine that the sale was far below fair value. The estimated short interest in Lordstown rose over four percentage points to 27.6% and days to cover increased 11% to 4.0 while shares plummeted 36.8% in the five-day period covered.
• Estimated short interest in National Beverage (FIZZ) bottomed at a four-month low last Thursday, but as the consolidation in the stock price gave way to a new leg higher, bears questioning the sustainability of last month’s earnings beat have also returned. The short position as a percentage of free float was up two points to just over 20% and days to cover rose 10% to 4.7 as shares traded up 5.8% in the five-day period covered.
• Estimated short interest in Macy’s (M) had also bottomed at a two-month low last Thursday, though the stock had traded with much less conviction after last week’s downdraft. The short position as a percentage of free float was up two points to just over 10% and days to cover rose 18% to 1.4 while the stock ended the five-day period covered down 0.3%.
• Estimated short interest in New York Times (NYT) spiked from 10% to 38%, a near-three-month high, while days to cover nearly quadrupled to 7.5 despite the absence of news in the name this week. Bearishness in the name has built every three months, with the first week of April and July also showing a multi-month high without any clear correlation in the stock price. Shares of New York Times were up 6.0% in the five-day period covered.

SHORT INTEREST DECLINERS

• Estimated short interest in Aerovate (AVTE) has been particularly volatile since the spike began three weeks ago. The short position was down an extreme 125 percentage points this week in the absence of meaningful news but still sits at an extreme 195% mark. Despite the outsized shorts’ retreat and the broader market upswing, shares of Aerovate were still down 17.1% in the five-day period covered.
• The estimated short position in Cricut (CRCT) languished in the mid-to-high 20 percent range over the past 6 weeks, but the stock has hit an area of support near the $24 mark and some bears capitulated. The short position as a percentage of free float was down four points to 22.8% and days to cover fell 9% to 5.9 as shares fell about 3% in the five-day period covered.
• Estimated short position in Stitch Fix (SFIX) jumped up to its highest level of the year just north of 30% but the spike duration was brief and shorts fell nearly 20 points all the way back to 13% by Thursday, a two-month low. Post-earnings bullishness had also receded and the stock is now below the level where it traded heading into that late-September surprise beat. Stitch Fix shares were down 7.6% in the five-day period covered.