Quantum Corporation is up 18% in a week and 37% in a month. Yet short sellers are adding positions at the fastest pace in months. Both camps are doubling down simultaneously.
SI hit 15.4% of free float on September 24. That is up 12.6% in one week and 32% over the past month. Two days ago, when the previous ORTEX note was published, SI stood at 13.9%. The move higher has accelerated. Bears are not deterred by the rally — they are chasing it from the other side.
The borrow market is not their problem. Availability stands at 730% of outstanding short interest. Shares to borrow are abundant. Cost to borrow is 0.54%, elevated from a week ago but well below the 3.3% peak seen in mid-August. The infrastructure for a sustained short position is cheap and easy to access.
The options market tells the opposite story. The put/call ratio sits at 0.17, versus a 20-day average of 0.23. That is roughly 1.5 standard deviations below the mean. Call buyers have dominated since mid-September. Before that, the PCR ran above 0.50 through the first half of August — a period when the stock was far lower. The flip in sentiment has been sharp and sustained.
Lake Street raised its price target to $29 on September 14, from $24, maintaining its Buy rating. The stock has since moved through that target. The analyst has raised the target three times in 2026 alone.
John Fichthorn's Schedule 13D/A, last filed June 8, shows a 40% stake as last disclosed. That concentration matters when shorts are rebuilding. Any move by a majority 13D holder can change the supply-demand picture quickly. Stakes are as-last-disclosed — Fichthorn's actual current position may differ.
Two Seas Capital and Alyeska Investment Group each hold above 6% as of June 30 filings. Both entered their positions as new stakes in Q2.
See the live data behind this article on ORTEX.
Open QMCO 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.
