NVCT Borrow Market Hits Zero as Shorts Scramble

Every share in NVCT's lending pool is now deployed. Availability has collapsed to 0% — the tightest the borrow market has been in the stock's recorded history — as a 97% weekly rally drew a wave of new short positions into a shrinking pool of loanable shares.

The Squeeze Setup

The sequence here is textbook. NVCT surged nearly 100% in a single week. Short sellers, skeptical the move would hold, rushed to add exposure. Short interest jumped 14.9% in one day to 7.2% of free float. The lending market couldn't absorb the demand.

Availability fell from 58% on June 25 to 24% on June 29. By June 30, it hit zero. There is nothing left to borrow.

Days to cover stands at 22.6, per the most recent FINRA settlement data. That is a long time to unwind a position if the stock keeps moving.

Options Tell a Different Story

The put-call ratio sits at 0.089 — nearly double its 20-day mean of 0.045. That sounds bearish. It isn't, necessarily.

A PCR of 0.089 is still extremely low in absolute terms. The 52-week high is 0.708. What the spike actually signals is a sudden burst of put-buying relative to the prior baseline. Market participants are buying protection against a reversal — not making a directional bet against the stock.

The stock already gave them one. NVCT fell 35.5% on June 30, the day after the 97% rally peaked.

Analyst and Score Context

HC Wainwright raised its price target to $39 on June 22 — from $13. That is a 200% increase on the target. The stock closed Monday at $18.39, still well below that level.

ORTEX's short score sits at 80.9. That puts NVCT in the top tier of short-squeeze candidates by ORTEX's model. The score has held above 78 for the past two weeks, even as the stock whipsawed.

The utilization rank is 8th percentile — among the most borrowed stocks in the database relative to available supply.

Data Summary

• SI % of Free Float: 7.2% (as of June 29), up 14.9% in one day
• Availability: 0% — every share in the pool is lent out (52-week low: 17.8%)
• Cost to Borrow: 2.17%, up 25% week-on-week
• Put-Call Ratio: 0.089, ~2x the 20-day mean of 0.045
• ORTEX Short Score: 80.9
• Price: $18.39 close June 30, down 35.5% on the day; +5% on the week
• Analyst PT: $39 (HC Wainwright, raised June 22 from $13)
• Next Earnings: August 5, 2026