TruGolf Holdings closed the week at $2.20, down 62% over the past month and trading 19% lower on Friday alone. The sharp decline follows an April 15 earnings report that triggered a 25% one-day drop. Another earnings event is scheduled for April 30, just days away, and positioning data suggests traders are bracing for continued volatility.
Short interest has become more concentrated in recent days even as the stock collapsed. Shares short jumped 60% over the past week to 67,857 units, now representing 2.84% of the float. The move is striking given the price carnage — shorts added exposure into a name already down sharply, a signal that conviction remains high. Cost to borrow has held near 373% APR, barely budging from levels above 360% that have persisted for the past month. A year ago the borrow rate sat below 20%. Utilisation stands at 81%, well off the 52-week high of 100% reached earlier in April but still elevated enough to keep supply tight. The combination of triple-digit borrow costs and climbing short interest points to a market that sees further downside despite the already steep losses.
The company carries a negative enterprise value of roughly $4.9 million, a reflection of cash on the balance sheet exceeding total market capitalisation. ORTEX's short score for TruGolf ranks in the sixth percentile, indicating the setup is among the least favourable for a squeeze across the coverage universe. Sector positioning is similarly weak, ranking in the 20th percentile. The dividend score sits at 33, unremarkable for a name in interactive home entertainment. No analyst coverage is evident in the current data, leaving the stock without Street guidance or published price targets to anchor expectations.
Institutional ownership is sparse. Geode Capital added 1,788 shares in late February, bringing its stake to 2,170 shares worth roughly $4,800 at current prices. Christopher Jones and David Ashby each hold positions above 8,800 shares but have not adjusted holdings recently. Insider activity over the past 90 days has been net negative, with director Humphrey Polanen selling 2,500 shares in July 2025 at $5.03 — more than double today's close. The most recent insider transaction on file is nearly ten months old, offering no insight into how management views the current setup.
The last four earnings reactions tell a consistent story. The stock fell 25% the day after the April 15 print and was down 23% five days later. Prior reports in February and November 2025 produced initial gains of 14% and 12%, respectively, but those moves were exceptions. The pattern of sharp post-earnings declines has now reasserted itself heading into the April 30 event. Peers showed mixed performance on the week, with Hong Kong-listed Hanhua Financial and Paris-listed Vivendi both down while cartoon streamer Kartoon Studios gained 1.8%.
The week ahead will hinge on whether TruGolf can stabilise around the $2 level or if the April 30 earnings call accelerates the selloff. Shorts remain engaged despite the price collapse, and with borrow costs entrenched above 370%, the setup favours continued pressure absent a material fundamental catalyst.
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