The cost to borrow EverCommerce shares has surged to 108.4% — a near-doubling from 62.7% just one day earlier. Yesterday's article noted a tight lending market. It just got significantly tighter.
Since yesterday's note, availability has dropped from 0.66% to 0.35%. That is the lowest reading in a year. For every 285 shares already borrowed, roughly one remains available. Anyone entering a new short position today faces a cost of more than 108% annualised — up 92% on the week and up 307% over the past 30 days.
The cost-to-borrow history makes the acceleration clear. On June 3, the rate sat at 27.3%. It crossed 40% on July 6. It hit 62.7% on July 13. It printed 108.4% on July 14. The pace of that move has compressed dramatically.
The CEO and President have sold shares on nearly every trading day this month. Eric Remer, the founder and chairman/CEO, sold 19,200 shares on July 14 alone at $10.77. President Matthew Feierstein has registered daily sells from July 1 through July 9. The stock is up 20% over the past month and up 9% over the past week, so this appears to be selling into strength.
The institutional picture shows a similar tilt. Remer's reported holding dropped by 706,745 shares as of July 8. Feierstein's count, by contrast, rose by 410,353 shares as of July 9 — though his daily sell pattern since then offsets that figure.
The ORTEX short score stands at 95.9 out of 100, up from 92.7 a month ago. The factor ranks are extreme: short score rank sits at the 0th percentile, days-to-cover rank at the 1st percentile, and utilization rank at the 2nd percentile. These are not borderline readings.
Earnings are due August 6. The two most recent quarterly prints saw one-day moves of +8.5% and -6.7%, suggesting the stock can move sharply in either direction on results day.
What to watch: Whether the cost to borrow stabilises or continues to accelerate from here. A CTB above 100% sustained into an earnings week is an unusual setup for a stock with only 1.1% of float short.
See the live data behind this article on ORTEX.
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