ENRD reported earnings on August 18. Short sellers responded within 24 hours with an aggressive re-entry.
Short interest jumped 96% in a single day on August 18, reaching 68,848 shares. That erased a sharp two-day unwind — positions had collapsed 38% on August 17 — and pushed the week-over-week change to +59%. The speed of the reversal is the story.
Cost to borrow stands at 212%, up 91% over the past week. That level has been the norm, not the exception. CTB has held above 100% for most of the past six weeks, touching 223% on August 14.
Availability sits at just 26%. Roughly one share remains available for every three already on loan. That is tight, though it is a partial recovery from August 14, when availability hit 13% — just short of the 52-week minimum of 1% reached on July 8.
Borrowing at 212% is an expensive conviction. Short sellers rebuilding positions here are paying a structural daily premium. The fact they are doing it anyway signals the bearish thesis survived earnings.
ENRD reported on August 18. The previous earnings event, in June, saw the stock drop 6.6% on the day and 39% over the following five sessions. The August 18 print landed, and the stock closed down 6.98% that day. The short rebuilding that immediately followed suggests at least some traders read the results as confirming the bear case.
The stock has gained 1.8% over the past week and 14.7% over the past month despite the short pressure. That creates a friction-heavy standoff: longs holding, shorts paying triple-digit borrow to maintain their position.
The CTB data tells a clear story. It dropped briefly to 48.9% on July 30 — the only material relief in two months. Every other session since early July has been above 110%. The market has consistently priced ENRD borrow as scarce.
Capital Research and Management Company reported adding 8.7 million shares as of June 30, making them a significant holder at 3% of shares. That long-side institutional buying sits alongside a short book paying 212% to hold its position. The tug-of-war is not new, but the post-earnings reload sharpens it.
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