Why this matters: Three distinct ORTEX data points have converged on XNDU within hours. Short interest, cost to borrow, and utilisation all hit extreme levels simultaneously on April 22.
Short interest surge. XNDU short interest jumped 139% over the past week to 388,256 shares. The move marks a sharp acceleration from the 162,314 shares reported April 14. Short sellers more than doubled their positions in just eight trading days.
Borrowing costs explode. Cost to borrow rocketed to 916% APR on April 22. That represents a 207% increase week-over-week. The metric climbed from 298% on April 15 to triple digits in seven sessions. At over 900%, borrowing shares now costs more than nine times the stock value annually.
Utilisation near peak. Utilisation hit 91.98% on April 22. The figure sits just below the 52-week high of 98.17% set April 15. Nearly all available shares to borrow are now on loan. The metric has held above 90% for four of the past five trading days.
XNDU has seen elevated shorting activity before, but not at this scale. Short interest stood at just 71,219 shares on April 10. The stock has added over 317,000 shares short in two weeks. Cost to borrow was under 200% as recently as April 13. The current 916% level exceeds any point in the available history.
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