Edited by Peter Hillerberg3 min readStories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
Short interest shifted sharply this week across Brazilian financials, energy ETFs, and a clutch of mid-cap US names. The biggest stories were a 56% surge in Bradesco shorts despite a JP Morgan upgrade, a 52% collapse in Nomura short interest, and a 41% single-day spike in a space ETF. Borrow markets tightened across several names, signalling active repositioning on both sides.
BBD (Banco Bradesco) saw the week's most striking divergence. Short interest jumped 56% in seven days to 24.8 million shares. That move came as JP Morgan issued an upgrade, forcing bears to defend or add to positions rather than retreat. The convergence signal flagged shorts scrambling as the upgrade rattled existing bets.
NMR (Nomura) went the other way. Short interest plunged 52% to 954,000 shares. Borrow costs dropped to 1.6%. Availability soared to 2,372% of short interest, confirming a broad exit rather than a squeeze.
AHG saw short interest fall 53% in one week to just 0.013% of float. The move reverses a spike from late September. Borrow costs remain elevated at 16.6%, an unusual combination with minimal short positioning.
UFO recorded the sharpest intraday move. Short interest surged 41% in a single session to 22% of float. Availability fell 90% to just 26%, a sign that the borrow market tightened fast as new shorts piled in.
EMAT added 37% to short interest over the week, reaching 2.95 million shares. Cost to borrow climbed to 32.2%. Availability dropped to 12.8%. Those figures together suggest borrow is becoming difficult to source.
WK (Workiva) short interest rose 24% to 8.8% of free float. The move is notable because it came alongside analyst upgrades. Short sellers are pushing against bullish analyst sentiment.
UNG short interest fell 25.3% to 9.3% of float as availability rebounded sharply. A separate convergence signal noted borrow drying up as natural gas shorts piled in earlier, suggesting some of that positioning has now unwound.
Brazilian financials dominated the convergence and mover data this week. BBD, ITUB, and ABEV all appeared in convergence signals. HSBC cut ITUB to Hold as short bets doubled. BofA downgraded Ambev as the options market turned cautious. XP saw analysts racing to catch a 52% rally. The Brazil ETF (EWZ) also featured, with shorts doubling into a 15% rally. Across the board, bearish positioning is building in Brazilian names even as prices move higher.
Energy was a secondary theme. UNG saw a convergence flagging borrow drying up. PCG short interest fell 20% to 1.47% of free float, its lowest in months, with borrow costs at 0.24%. The divergence between gas shorts adding and utility shorts retreating reflects different views on the energy complex.
Software and SaaS names also drew short-side attention. HubSpot (HUBS) appeared in a convergence where Raymond James cut the stock as borrow costs jumped 62%. TXRH shorts built quietly as analysts cut targets. OPCH options signalled caution alongside a run of downgrades.
Several tickers this week showed data points aligning across short interest, options, and analyst activity.
WFC options swung toward calls as Wall Street cut targets ahead of earnings. The combination of rising call volume and falling price targets is a split-signal worth watching into the print.
HUBS saw a clean bear-side alignment. Borrow costs jumped 62% and Raymond James cut the stock in the same window. Both data points point in the same direction.
PTC was the week's sharpest anomaly on the convergence list. Four firms cut the stock in one day. The stock rose 38%. Short sellers and analysts are offside together.
CHRW drew put demand and retail attention after a 10% drop. The convergence of retail flow and options positioning after a sharp decline is a pattern that has preceded further moves in either direction.
SONY shorts retreated as borrow costs collapsed and put demand ticked up. The short exit paired with rising put buying suggests some bears are rotating from stock borrows to options.
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.
