Nayax heads into the second half of June with an interesting split: the borrow market is loosening while insiders keep trimming, leaving the stock in a tug-of-war between improving short-side conditions and steady insider supply.
The most notable shift in the lending market is how much room has opened up in recent weeks. Availability has widened sharply to roughly 526% — meaning more than five shares are available to borrow for every one currently lent out. That is a dramatic loosening from late May, when availability briefly contracted to around 286% on May 29 before rebounding. At 16.7%, the proportion of available shares actually being used is well below the 52-week peak of 48.4%, confirming that short sellers are not pressing hard at current levels. Cost to borrow has eased alongside, running at 4.4% — down about 8% over the past month and near the low end of its recent range. The short score of 37.8, while ticking higher over the past week from 34.4 on June 15, remains in moderate territory and ranks in the 44th percentile against the broader universe. Taken together, the borrow picture looks relaxed rather than stressed.
The insider picture tells a different story. Multiple executives sold shares in early June — the CFO, the Chief Strategy Officer, a divisional CEO, and two unnamed officers at President and CLO level all reduced positions between May 19 and June 4. Individual trades were small, ranging from roughly $15,000 to $180,000 apiece, and carry the lowest significance ratings. The 90-day net figure is technically positive at around 20,000 shares, worth approximately $1.3 million, but that aggregate masks sustained directional selling across the senior team. None of the individual transactions is large enough on its own to signal distress, yet the cluster of names selling in the same narrow window is worth registering.
The ownership base remains heavily concentrated at the top. The three largest holders — Yair Nechmad, David Ben Avi, and Amir Nechmad — together control more than 57% of shares outstanding. Among institutional investors, Phoenix Investments entered as a new holder with 684,549 shares in the period to May 12, while AltraVue Capital and Brown Capital Management each added meaningfully. Capital Research trimmed by 84,259 shares. The concentrated founder base means day-to-day float is thin, which amplifies the impact of any directional shift in institutional flows.
The Street angle is constrained by data limitations. The only analyst record on file is from June 2022, making it too stale to carry any weight here. Valuation data similarly lags — the most recent multiples available are from August 2025, showing a P/E above 44 and an EV/EBITDA of 18.6, with the P/E drifting lower over the past 30 days. A previous ORTEX note flagged a P/E above 77 as recently as mid-June, suggesting the multiples picture is in flux. The stock closed at ILS 193.3 on June 23, up 3% on the day but essentially flat over the month and down less than 1% on the week. Compared with close TASE peers, ACCL dropped 3.9% on the week and RPOL fell 7.4%, meaning Nayax has held up relatively well against its local comparables. UNIT similarly lost nearly 7% over the same period.
With the next earnings event pencilled in for August 12, the setup to watch is whether the current loosening of borrow availability reflects genuine short-side disinterest — or simply a pause before sentiment reasserts itself ahead of the print. The most recent earnings in May produced a 4% one-day gain and an 8% five-day gain, giving bulls a recent reference point, though analyst coverage remains too sparse to offer a consensus target to benchmark against.
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