Why this matters: Five days ago, NVCT had zero shares left to borrow. Now availability has recovered to 40% — but short sellers haven't retreated. They've added more positions, cost to borrow has surged 83%, and the CEO just bought stock at the highs.
The June 30 availability collapse to 1.3% — the tightest level on record — has partially unwound. As of July 2, availability sits at 39.9%. That is still firmly in tight territory. For context, the stock spent most of May and early June between 40% and 63% availability.
The partial loosening came alongside a 30% weekly price drop. NVCT fell from its post-rally peak. Some shorts covered. New shares entered the lending pool. Room opened up.
But not enough to call this a reset.
Short interest didn't fall with the price. It rose. SI climbed 15.5% over the past week to 7.3% of free float. Over the past month, it's up 28.5%. Short sellers used the price pullback to add exposure, not reduce it.
Cost to borrow reflects the competition for those shares. CTB jumped 83% in one week to 3.70%. A month ago it was under 1.70%. That near-doubling signals real demand pressure in the lending market — more shorts chasing a still-limited pool.
The ORTEX short score stands at 77.2. It peaked above 81 in late June. The slight easing tracks the availability improvement, but the score remains well into elevated territory.
The standout contrarian signal here is insider activity. On June 30 — the same day availability hit its all-time low — CEO and founder Ron Bentsur bought 12,500 shares at $20.00. That's $250,000 at the top of the recent range.
The same day, 10% shareholder Charles Mosseri-Marlio bought 50,000 shares at $18.32, spending $916,000. Net insider buying over the past 90 days totals $1.17 million — all purchases, no sales.
HC Wainwright raised its price target to $39 on June 22, up from $13. The stock currently trades at $19.57. That gap is the bull case in one number.
Next earnings are scheduled for August 5. The past four earnings events produced 1-day moves of +3.9%, +6.3%, +12.5%, and +2.8%. Five-day moves were larger in every case — the most recent print drove a 34% gain over five days.
See the live data behind this article on ORTEX.
Open NVCT on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
