Bears Circle HTZ as CTB Hits 164%

Hertz remains the most expensive short in the US market. Its cost to borrow hit 164% annualised on Wednesday. Short interest stands at 73.2% of free float. Zero shares are available to borrow. That combination makes new short positions almost impossible to open.

Wolfspeed holds the highest raw short interest reading among larger US names. Bears have 88% of the semiconductor company's free float on loan. The position was largely unchanged over the past week, suggesting existing shorts are sitting tight rather than adding.

The biggest mover this week was Braveheart Bio. Short interest jumped 6.2 percentage points in seven days to reach 42.7% of free float. PROG Holdings also saw a sharp build, up 3.5 points to 12.1%. Hilton Grand Vacations climbed 2.5 points to 20.7%.

On the covering side, Arbor Realty saw shorts trim by 4.1 points to 19.1%. Celanese dropped 3 points to 5.6%. Both moves suggest bears are stepping back after extended short runs.

EverCommerce carries a cost to borrow of 76% with almost no shares available. Its short score sits at 97, among the highest in the market. Lucid Group shows 66% of float shorted and a CTB of 15%, with availability near zero.

Polestar reports Thursday. ORTEX alt data shows Dutch car registrations running 68% below the same quarter last year, a dataset that leads Polestar revenue by 60 days with a strong historical fit.