Network-1 Technologies saw cost to borrow surge to 15.8% while short interest fell 33% in a single day. Utilisation dropped to just 0.03% — a 30-day low. Institutional holders remain polarised between long-term insiders and active managers trimming positions.
NTIP closed at $1.47 on April 24, up 0.7% on the day. The stock is down 2.0% over the past week but has gained 1.4% over the month.
Short interest fell to 14,302 shares on April 23, down 33% from the prior day's 21,299 shares. The sudden drop marks the lowest level since mid-April. SI sits at just 0.06% of free float — negligible in absolute terms.
Cost to borrow tells a different story. CTB jumped to 15.8% as of April 22, up 184% over the past week. The rate has been volatile — it hit 17.1% on April 14 before retreating, then rebounded sharply. A month ago CTB sat at 5.6%. The spike occurred even as short interest collapsed, suggesting tightening availability of lendable shares rather than fresh shorting demand.
Utilisation plunged to 0.03% on April 23, down from 1.57% the day prior. That is the lowest reading in the past 30 days. The 52-week high was 3.31% — utilisation remains historically subdued.
Enterprise value is negative at -$2.6 million as of year-end 2026, reflecting a cash-heavy balance sheet relative to market cap.
Network-1 scores in the 82nd percentile for short interest rank and 76th percentile for utilisation rank. The dividend score sits at the 50th percentile. Days to cover ranks in the 98th percentile — a function of low volume and minimal short interest. Sector score is in the 31st percentile.
Corey Horowitz controls 6.8 million shares — 29.8% of the company — with no change at last report in mid-2025. Steven Heinemann trimmed his stake by 397,485 shares in Q4 2025, leaving him with 1.34 million shares and 5.9% of the company.
Cannell Capital added 71,852 shares in Q4, bringing its position to 1.14 million shares (5.0%). Clayton Partners trimmed by 25,322 shares, holding 1.02 million (4.5%). Vanguard added 50,322 shares in Q1 2026, now at 585,401 shares (2.6%). Renaissance Technologies cut its position by 27,987 shares to 467,844 (2.1%).
Named individual Niv Harizman added 7,500 shares in late February, holding 332,235 shares (1.5%).
Net insider activity over 90 days: +7,130 shares worth $9,421. The trades occurred more than 100 days ago — data is stale.
Jonathan Greene, EVP, received restricted stock awards totalling 20,000 shares across January 2026 and sold 7,130 shares to cover taxes at prices between $1.31 and $1.34, netting $9,421. CFO Robert Mahan received a 25,000-share award in September 2025.
Network-1 last reported earnings on March 13, 2026. No next earnings date is scheduled. The company has not paid a dividend since March 2022.
The divergence between collapsing short interest and surging borrow costs reflects an illiquid lending market. With utilisation near zero and CTB elevated, the stock is hard to borrow despite minimal demand. Institutional activity shows insiders holding while active managers reduce exposure.
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