ONDS Shorts Climb to 49% as Borrow Pool Stays Empty

Short interest in Ondas Inc. has broken to a new high. It now stands at 49.1% of the free float — up 26% in a single week. The borrow market remains completely shut.

A Market With No Room Left

Availability has been locked at 0% since June 16. Every share in the lending pool is already lent out. That has been the condition for all but one session in the past two weeks — a brief tick to 1.6% on June 18 was the only exception.

This is not marginal tightness. At 0% availability, new short positions simply cannot be established at scale. Demand for borrows is not slowing. Short interest has risen every single session this week.

The cost to borrow has moved in the same direction. It hit 2.44% as of June 26, up 57.8% over the past week and up 93% over the past month. Absolute levels remain moderate, but the pace of increase reflects an acute supply problem rather than a repricing of credit risk.

Short Score Tracks Higher

The ORTEX short score has continued its climb. It reached 70.3 on June 25, the highest point in the trailing observation window. The factor scores corroborate the signal: the utilization rank sits at the 2nd percentile, meaning borrowing friction is more intense than for nearly all comparable stocks. Short score rank is also 2nd percentile.

Both the short interest level and the lending market dynamics have moved in a consistent direction since the previous note on June 24. Short interest was 45.6% then. It is 49.1% now. Availability was 0% then. It remains 0% now. The only thing that has changed is the magnitude.

The CEO Sold Into the Previous Rally

One detail worth noting: CEO Eric Brock sold 2.38 million shares on June 2 at $13.43, a $31.9 million transaction. The stock now trades at $7.83 — down 42% from that sale price. The 90-day net insider flow is a sell of $32.6 million. Analysts maintain a mean price target of $20.13, with Needham holding a Buy at $23. That target is now 157% above the current price.

Earnings are scheduled for August 14.

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• SI % of free float: 49.1% (up from 45.6% on June 24, up 26% on the week)
• Availability: 0% — all borrowable shares already lent out
• Cost to borrow: 2.44%, +57.8% week-on-week, +93% month-on-month
• ORTEX short score: 70.3 (June 25 high in observation window)
• Price: $7.83, down 15.5% on the week, down 19.9% on the month
• Next earnings: August 14, 2026