Why this matters — Three distinct ORTEX short-side metrics have moved in opposing directions on LCID over the past week. While short interest climbed 10% and utilization maxed out again, cost to borrow collapsed 53%, creating a rare divergence in the stock's short squeeze indicators.
Short interest rising steadily. LCID's estimated short interest hit 48.7 million shares as of April 23rd, representing 15% of the free float. That's a 10% increase over the past week and 13% higher than a month ago. The official FINRA fortnightly report from March 31st showed 43.8 million shares short with days to cover at 8.25.
Utilization back at ceiling. The stock returned to 100% utilization on April 23rd after a single-session dip to 97.06% on April 22nd. This marks the 24th session in the past month at maximum utilization, meaning every available share to borrow is currently on loan. The 100% reading matches the 52-week high.
Cost to borrow in freefall. LCID's borrowing cost dropped to 8.51% on April 23rd, down 53% over the past week from 18.07% on April 16th. The monthly decline is even steeper at 68%, falling from 34.01% on March 13th. Peak borrowing cost of 40.9% was recorded on March 11th.
ORTEX short score for LCID stands at 77.47 as of April 23rd, down from 86.45 on April 13th. The declining score reflects the easing borrow costs despite rising short interest.
Options sentiment has turned slightly more bullish. The put/call ratio dropped to 1.41, below its 20-day average of 1.54. The z-score of -0.98 indicates relatively high call volume compared to recent trading patterns.
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