Bears Pile Into Rentals and Biotech

Short sellers intensified bets in several US names this week. The most notable mover among mid-caps is PROG Holdings. Its SI % of FF jumped from 8.5% to 12.1% in seven days, a gain of 3.5 percentage points.

Hertz remains one of the most punishing shorts on the market. SI sits at 73.2% of free float. Cost to borrow has surged to 164% APR, with availability at zero. That combination makes adding new short positions almost impossible, raising squeeze risk for anyone already short.

Wolfspeed holds the highest SI of any semiconductor name at 88% of free float. Short sellers barely moved their position this week, a sign the trade is fully loaded. Cost to borrow is just under 2%, so the carry is cheap.

Lucid Group attracts continued bear interest at 65.9% of FF. The EV maker's stock has fallen 61% over the past three months. Cost to borrow is 15%, and availability has collapsed to just 1.4%. Rivian, by contrast, sits at 18% SI but borrowing costs remain below 0.4%, keeping the trade accessible.

Super Group (SGHC) announced a $150 million buyback today with 12% of its float short. That could force covering if the company moves swiftly to repurchase shares.

Avis Budget also saw shorts build, rising from 30.3% to 32.3% of FF over the week. The rental car sector faces structural pressure from EV fleet costs and weaker travel demand.

EverCommerce carries the highest ORTEX short score at 97, with SI near 15% of FF and cost to borrow above 81%. Shares are down 30% over three months.