Glass House Brands reports tomorrow — June 18 — and the setup into that print looks notably less adversarial than it did a month ago.
The clearest shift is in the borrow market. Cost to borrow has more than halved since early May, dropping to 1.56% from a peak near 7.5%, its lowest reading of the period. That deflation in borrow cost reflects a genuine retreat by short sellers: short interest collapsed by 43% over the past month, falling from roughly 150,000 shares short to around 85,000. At just 0.12% of float, the remaining short position is negligible — barely worth calling a directional bet. The lending pool remains effectively wide open, with availability maxed out and shares to borrow in abundance. There is no squeeze pressure here, and no meaningful bear trade to unwind.
That said, one weekly data point runs in the other direction. Short interest is up roughly 25% week-on-week in share terms — though in absolute terms, that move is tiny against the backdrop of the month's sharp reduction. This week's uptick looks more like noise than a meaningful rebuilding of conviction on the bearish side.
The most recent earnings print offers useful context for what to watch tomorrow. Last quarter — May 13 — the stock jumped nearly 8% on the day and extended to roughly 9.5% over the following five days. That was a genuinely strong post-results reaction, and the stock has carried momentum since: it's up 34% over the past month, even after a flat week and a slight 0.4% dip.
The ownership picture adds another layer worth noting ahead of the print. Founders Kyle Kazan and Graham Farrar both received share awards on June 10, and both also sold modest amounts on June 3 — Kazan disposing of around 3,650 shares at $11.12, Farrar roughly 3,155 at the same price. The CFO and General Counsel made similarly small sales the same day, most likely scheduled plan activity given the uniform price and date. None of these sales look like conviction exits; the aggregate net insider position over 90 days is firmly positive at roughly 166,000 shares, worth around $1.7 million net. The top institutional holder, AdvisorShares, added its entire 7.4 million share position as recently as May 31 — a significant new entry at 8.7% of shares outstanding.
Analyst coverage is thin and the only formally recorded target on file — $6 from BTIG's initiation in December 2022 — is more than three years old and well below the current $13 price. That data is too stale to carry any weight in the current setup. The factor scores are more current: the short score rank (91st percentile) and days-to-cover rank (91st percentile) reflect just how deflated bearish positioning has become. The EV/EBITDA multiple of 17.5x is the primary valuation anchor, though profitability remains negative on a PE basis.
Tomorrow's earnings release is therefore less about whether short sellers have a thesis and more about whether the company can extend the operational momentum that drove May's strong reaction — with borrow nearly free, conviction lightly hedged, and a newly minted institutional holder already positioned.
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