VS Media Holdings faces extreme short-side volatility heading into Monday's earnings call. Cost to borrow sits at 258%, up 961% from the March average, while short interest has fallen 39% in a month. Utilisation remains elevated at 94% with minimal lendable inventory.
VSME closed at $0.96 on April 24, down 0.4% on the day. The stock has gained 4.7% over the past week but remains 10.7% below levels from a month ago. Shares continue to trade in micro-cap territory with elevated volatility as the company navigates its first year as a public company.
Short interest stands at 70,410 shares, representing 0.14% of the float. The position has contracted sharply — down 3.9% in a day, 27% in a week, and 39% over the past month. The decline accelerated through early April, when short shares peaked above 132,000 on April 8 before collapsing to current levels.
Cost to borrow has become the dominant story. The current 258% annual rate marks a dramatic spike from the low double-digits seen throughout late March. CTB spent most of the second half of March between 10% and 37%, then exploded above 115% on April 8. The rate has remained in the 215%–320% range ever since, with daily swings of 50+ percentage points common.
Utilisation sits at 94%, down from the 100% ceiling that held for extended periods in late March and early April. The stock touched the 52-week utilisation high of 100% as recently as April 20–21. Even with the recent easing, less than 6% of the lendable inventory remains available.
The lending market reflects extreme scarcity. Shares are expensive to borrow and difficult to locate. Official FINRA data from the April 15 settlement showed 98,838 shares short with 1.0 days to cover.
Enterprise value stood at $7.4 million as of December 31, though that figure is 115 days old. The company reports no current valuation multiples for P/E, P/B, or EV/EBITDA.
Factor positioning is sparse. The dividend score ranks at the 33rd percentile — unremarkable given the company's early stage. Short score ranks in the 10th percentile, reflecting the micro-cap nature and limited institutional following. The sector score of 70 places VSME well above median for Interactive Media and Services. Utilisation ranks in the 4th percentile, confirming the tight lending environment. Days to cover sits at the 65th percentile.
The ORTEX short score currently reads 63.6, down marginally from 66.1 on April 13. The score has drifted lower as short interest contracted, though the level remains elevated for a stock with minimal float on loan.
Institutional ownership is minimal but saw new entry in Q4. UBS Asset Management added 4,231 shares, bringing its stake to 5,866 shares (0.21% of shares outstanding) as of December 31. Hudson River Trading initiated a 4,017-share position (0.15%), as did Two Sigma Securities with 2,195 shares (0.08%) and Evolution Wealth Advisors with 2,150 shares (0.08%).
The largest holder is Nga Fan Wong with 50,319 shares (1.83%), unchanged from the prior period. Yuet Wang Mok holds 1,000 shares (0.04%), and two other individuals hold 750 shares each — all positions flat.
VS Media reports earnings on Monday, April 28 at 4:30 PM EDT. The company has a limited earnings history as a public entity, with prior prints in October 2025, May 2025, April 2025, and December 2024. None of those events carry price-reaction data in the snapshot.
The stock has no options market, no analyst coverage, and no dividend history. The current short position is small in absolute terms but expensive to maintain. Whether short sellers add back into strength or continue covering into the print will shape Monday's session.
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