Why this matters — Three distinct ORTEX data streams have converged on FCHL over the past 48 hours. Short interest, cost to borrow, and utilisation are signaling unusual stress in the borrow market for this micro-cap fitness company.
Short interest exploded 4,674% over the past week. FCHL's short position ballooned to 26.2 million shares as of April 23, up from just 549,000 shares a week earlier. The one-day jump from April 22 to April 23 alone was 18.5%, adding 4.1 million shares. Over the past month, short interest has surged more than 208,000%.
Utilisation hit 99.76%, matching the 52-week high. Nearly all available shares to borrow have been lent out. The metric spiked from 49.5% on April 20 to 99.76% on April 23, equaling the 100% peak recorded on April 6. This level indicates almost zero remaining borrow capacity.
Cost to borrow collapsed 69% in one week despite the short surge. CTB dropped to 277% on April 23 from over 920% on April 20. While still elevated in absolute terms, the sharp decline suggests either new share supply entered the market or lenders reduced rates to facilitate continued shorting. CTB remains up 1,842% over the past month.
ORTEX Short Score climbed to 83.66 as of April 23, placing FCHL in the top tier of short-squeeze candidates. The score has risen steadily from 78.5 on April 20, tracking the rapid increase in short interest and borrow stress.
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