Suzano Short Interest Climbs to Yearly Peak Amid Activist Disclosure

SUZ is the most shorted name in its immediate peer group right now. Short interest has risen to roughly 12.9 million shares, up 24% over the past week and 14% over the past month, the highest level recorded in at least a year.

Among the closest correlates in global pulp and paper, the borrow picture for Suzano is markedly more charged. Svenska Cellulosa and UPM-Kymmene carry far lighter short positioning; Suzano's short score of 53.9 ranks in the 95th percentile of all stocks tracked by ORTEX, and days-to-cover stand at 4.35 days per the latest FINRA fortnightly data. The lending market confirms the pressure: availability has collapsed to just 1.3%, meaning only one share remains available to borrow for every 75 already lent out. That is close to the 52-week floor of 0.04%. Cost to borrow has also moved, reaching 2.48% at last reading, up 16% on the week and 14% on the month, though still in a range that does not yet signal a full squeeze.

The short buildup coincides with a significant ownership disclosure. David Feffer filed a Schedule 13D on 24 August 2026, declaring a 45.7% stake of 578 million shares in the company. A 13D filing signals active intent rather than passive ownership, and this is the single largest registered holder on the cap table. Suzano Holding S.A., the broader family vehicle, holds a further 29.1% as of mid-October. BlackRock added 15.3 million shares in its most recent reported period, bringing its stake to 5.1%. The founding Feffer family collectively controls a commanding majority of the register, which constrains the free float available to borrow and helps explain why the lending pool drains so quickly when short demand rises.

The stock has recovered 7% over the past week and 8.5% over the past month to close at $9.24, a rebound that runs directly against the rising short interest. Analyst data is too stale to carry weight here. What the November 5 print will determine is whether Suzano's operational cost discipline and pulp volume hold up well enough to justify that recent price recovery against a backdrop of the most aggressive short positioning the stock has seen in over a year.