Stories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
CDR has ticked up another 3.6% on the week to PLN 253.5, continuing its quiet recovery, but the more notable move is in the borrow market, where borrowing costs have more than halved since last week and the short score has dipped off its recent peak.
The clearest shift in the past five days is in cost to borrow, which has fallen 43% on the week to 0.43%, its lowest reading in at least six weeks after running near 0.80% for most of September. That drop alone is a signal worth watching: when shorts already hold a structurally large position and borrow costs fall sharply, it can mean positions are being unwound rather than accumulated. Availability has tightened marginally, down about 1.6% on the week to 581%, but that remains comfortably loose by any measure. For comparison, the tightest availability has been over the past year was 215%, so at current levels there is ample room for new shorts to enter if conviction returned. The short score has also eased, edging down from 70.7 at the start of the week to 69.6, pulling back from the 70.9 peak hit on September 22. That is still elevated in absolute terms, consistent with a large existing short base, but the direction of travel has changed.
The Street picture is mixed without being dramatic. The mean analyst price target is PLN 246.2, fractionally below the current price of PLN 253.5, suggesting the stock has run slightly past consensus over the past month as the share price has gained 8%. There are no recent analyst target changes in the data. On factor scores, the dividend score ranks in the 95th percentile, though dividend history here is sparse and the last payment was in 2022, so that rank likely reflects a mechanical calculation rather than an active income story. EPS surprise ranks in the 81st percentile, a genuinely positive signal: the company has been beating estimates consistently. The short score rank at just the 7th percentile, and EV/EBIT at the 10th, flag that valuation and short positioning together keep the stock from screening as clean. The PE has expanded roughly 21% over the past 30 days to 31.5x, a meaningful re-rating as the stock has rallied.
On alt data, CD Projekt's Steam player counts are tracked daily by Valve, but this dataset has not been measured as a leading indicator of the company's reported figures, so it provides colour rather than a forward signal. With 50 days to the November 24 earnings print, the question of what the player data implies for the half-year numbers is one to hold loosely.
Institutional holders are broadly stable. BlackRock added 150,803 shares as of September 30, a modest increase. Norges Bank Investment Management is the more interesting recent mover, having added roughly 2 million shares as of June 30, its last reported date, though that disclosure is now three months stale. The three large Polish pension funds, Nationale-Nederlanden, Allianz Polska, and PZU, each hold between 3.5% and 5.9% with no reported change at year-end 2025, suggesting domestic institutional ownership is anchored and passive. Insider data is stale: the most recent trade on record is founder Marcin Iwinski's sale of 223,520 shares in January 2025 at PLN 216.24, over 20 months ago.
The November 24 earnings print is the next hard catalyst, and the setup heading into it is an elevated but easing short base, a borrow market that has just become materially cheaper, and a stock that has rallied past consensus targets. Whether the short score continues to drift lower or firms back toward 71 in the weeks ahead will be one of the cleaner signals about where positioning is headed.
See the live data behind this article on ORTEX.
Open CDR on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
