Why this matters — Three distinct ORTEX data points have converged on KITT within 48 hours: short interest plunging, cost to borrow surging, and utilization hitting 100%. This combination signals a dramatic shift in the stock's short-selling landscape.
Short interest collapse: KITT's short interest fell 84% over the past week to just 632,722 shares — 4.6% of the free float — down from 3.9 million shares and roughly 28% of float seven days ago. The drop accelerated dramatically on April 20, when shares short plummeted from over 4 million to under 450,000 in a single session.
Cost to borrow spike: Borrow costs surged 66% week-over-week to 47.5%, up from 27.1% on April 17. The sharpest jump occurred April 22–23, when CTB leapt from 28.6% to 47.5% — a 98% increase over the past month from 24% in late March.
Utilization maxes out: Share utilization hit 100% on April 23, matching its 52-week high. This follows a rapid climb from 76.9% on April 21 and 87.2% on April 22. Utilization has touched 100% intermittently this month — April 15, 17, and 20 — but the current spike coincides with the cost-to-borrow surge.
Insider activity shows significant recent inflows. Legal entities and 10% owner Transocean Ltd. acquired 671,551 shares in December at $8.19 per share — a $5.5 million position taken when the stock traded well above today's $3.05 close. Net insider activity over the past 90 days totals +2.8 million shares worth $7.6 million, though Transocean also sold over 2 million shares in early December. Institutional holders show modest growth: Vanguard added 38,124 shares through March 31, Geode Capital added 21,761 shares. KITT's short score ranks in the 8th percentile, reflecting the recent collapse in shares short.
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