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WFF enters the week having completed one of the more dramatic short-side capitulations on Nasdaq this year, with the stock up 411% over the past week and 540% over the past month to close at $12.29.
The positioning story is, at its core, a short squeeze unwinding in real time. Shares short have collapsed by 96% over the past month, from around 500,000 in early September to just 13,000 as of October 8. Cost to borrow, which peaked above 400% annualised in early September when the borrow market was most constrained, has eased sharply to 50%, still elevated by any normal standard but a fraction of where it stood six weeks ago. Availability has swung just as dramatically: at the September trough, availability was near zero, meaning the lending pool was essentially exhausted. Today it reads at 416%, a reversal that confirms most of the short positions that fuelled the squeeze have been returned. Days-to-cover ranks in the 94th percentile, a residual artefact of the tiny remaining short base against thin average volume, rather than fresh pressure building.
The ORTEX short score tells the same story of a squeeze that has largely run its course. The score peaked around 58 to 59 in late September and early October, then dropped to 47.5 by October 8, moving from elevated short-squeeze risk territory toward a more neutral reading as the trapped shorts were forced out. What began as a stock with near-zero availability and borrowing costs above 300% has normalised, at least on the lending side, even as the price itself remains at extraordinary levels.
The fundamental picture offers limited grounding for the current price. The value factor score is described in a recent ORTEX note as the stock's most significant drag, with the name screening as expensive across standard metrics. Return on capital is near zero and the F-score sits at 3, reflecting modest financial health. Momentum in the traditional sense is mixed: the three-month relative strength reading is sharply positive by construction, given the move, but longer-term trend metrics remain weak. Market cap data is not available in the snapshot, making precise valuation work difficult. The EV figure listed, approximately $7.6 million, appears inconsistent with a stock trading at $12.29 following a 500%-plus rally, suggesting that number reflects a pre-rally balance sheet snapshot rather than current reality.
Ownership concentration is striking but stale. A May 2025 Schedule 13G filing shows founder Chee Hoong Lew holding 68.3% of shares outstanding, approximately 17.2 million shares, through Lew Capital Private Limited and directly. No 13D activist filing has been made. The caveat matters here: 13D/G disclosures are event-driven around the 5% threshold, and positions are as last disclosed. Given the filing is now over 510 days old, the current ownership structure is unknown.
Earnings history adds context to the volatility. The most recent print, on October 2, produced a one-day move of minus 7%, followed by a five-day gain of 398%, the latter almost certainly driven by the short squeeze rather than the fundamental result itself. Prior prints saw one-day declines of between 2% and 12%, with five-day outcomes mixed. The next scheduled earnings event is not until April 2027, leaving the coming months as a period where the stock trades on momentum, liquidity and positioning rather than near-term catalysts.
What to watch now is whether the remaining short base, around 13,000 shares with a 50% cost to borrow, continues to unwind or stabilises, and whether the stock can maintain any of its gains as the mechanical squeeze pressure fades and availability remains open.
See the live data behind this article on ORTEX.
Open WFF 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.
