Specialty chemicals maker NTIC saw short interest jump 38% over the past month to 0.26% of float while the stock fell 6.7%. Cost to borrow collapsed 59% to just 0.50%, and utilisation sits near historic lows at 0.12%.
NTIC closed at $8.02 on April 24, up 0.25% on the day but down 1.1% for the week. The stock has dropped 6.7% over the past month.
Northern Technologies International operates in specialty chemicals, focusing on corrosion prevention and sustainable packaging solutions.
Short interest stood at 24,965 shares as of April 23, representing 0.26% of the free float. That marks a 38% increase from a month ago when the short position was just 18,065 shares on March 18.
The climb was not linear. Short shares spiked to 31,469 on April 7 — the highest point in the 30-day window — before retreating to current levels. Over the past week, short interest rose 3.3%.
Days to cover sits at 1.93 per the April 15 FINRA report.
Cost to borrow tells a different story. CTB fell 59% over the past month to 0.50% from 1.61% in mid-February. It peaked at 1.55% on February 20 and has since drifted lower. The one-week change was a modest 1.2% decline.
Utilisation remains minimal at 0.12%, down from 0.16% a week ago. The 52-week high was 23.32% — current utilisation is nowhere near stress levels. Utilisation has stayed below 0.35% for the entire 30-day history, with the exception of a single-day spike to 1.2% on April 7 that coincided with the short interest peak.
The combination of rising short interest and falling borrow costs suggests ample supply. Shorts are not being squeezed.
The most recent analyst data is 379 days old. Northland Capital Markets maintained an Outperform rating with a $13.00 target as of April 2025. That implies 62% upside from the current $8.02 price.
Analyst Gus Richard at Northland has covered the stock since initiating in September 2019. He raised the target from $19 to $20 in April 2024, then lowered it to $13 in April 2020 during the pandemic. The firm has maintained the Outperform rating through every change.
No other analysts provide coverage.
Valuation multiples are stale (187 days old). The P/E ratio was 28.5 as of January 2021, up 9.3 points over the prior month. Earnings yield stood at 3.5%.
Factor scores show strength in dividend (89th percentile) and sector positioning (82nd percentile). The short score rank sits at 61, and days-to-cover ranks 66th percentile. EPS surprise scores at the 14th percentile.
Quality, value, and momentum scores are not available.
Vanguard added 4,851 shares in Q1 2026, bringing its stake to 426,751 shares (4.5% of shares outstanding). Dimensional Fund Advisors added 3,658 shares to reach 338,147 shares (3.6%).
Needham Investment Management increased its position by 84,298 shares in Q4 2025, now holding 713,257 shares (7.5%). That was the largest absolute increase among active managers.
Rothschild Wealth initiated a new 169,831-share position in Q4 2025 (1.8% stake). Peapod Lane Capital added 55,987 shares to reach 142,621 shares (1.5%).
Meros Investment Management trimmed its stake by 72,568 shares in Q4 2025, leaving 212,373 shares (2.2%).
Inter Alia Holding Company remains the largest holder at 1,203,334 shares (12.7%), unchanged since September 2025.
Insider data is 255 days old. Over the 90 days ended August 13, 2025, insiders sold a net 10,877 shares worth $89,189.
Director Richard Nigon sold 10,873 shares at $8.20 on July 24, 2025, generating $89,159 in proceeds.
Independent Director Nancy Calderon made multiple small acquisitions totaling 6 shares across several dividend reinvestment transactions. Director Konstantin Von Falkenhausen bought 1,100 shares at $7.23 in May 2025 for $7,953.
The Nigon sale represents the material activity. The other trades are nominal.
NTIC has earnings scheduled for July 9, 2026, at 1:30 PM UTC. The company reported earnings on April 9, 2026.
The dividend history shows the company last paid $0.07 per share in May 2022. No dividends have been announced since. That data is 1,464 days old.
With short interest climbing, borrow costs falling, and utilisation near zero, the short thesis faces no supply constraints. The stock trades 38% below the sole analyst's target, but that view is more than a year old.
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