Why this matters — Three distinct ORTEX data streams have aligned on ELPW (Elong Power Holding Limited) within days. Short interest, cost to borrow, and utilisation all hit extreme levels simultaneously — then short interest cratered 80.5% in a single session as the stock surged 101% week-over-week.
Short interest — spike then collapse. Short interest hit 1.69 million shares on April 23, representing 2.76% of float. One session later it fell 80.5% to just 328,969 shares — 0.54% of float. The week-over-week price gain of 101% likely forced short covering at scale. The one-month change in short interest remains slightly positive (+1.1%), suggesting the build-up was recent and sharp.
Cost to borrow — remains extreme. Despite the short interest collapse, cost to borrow stands at 411.7% APR as of April 24. It peaked at 417.1% on April 23 — the same day short interest was at its highest. CTB has more than doubled over the past month (+107%). Borrowing ELPW shares remains extraordinarily expensive.
Utilisation — near 52-week peak. Utilisation sits at 91.89%, just off the April 22 reading of 99.05%. The 52-week high is 100%. As recently as early April, utilisation was below 20%. This compression happened fast — from 18.9% on April 1 to near-maximum in under three weeks.
The ORTEX short score stands at 81.6 (out of 100) as of April 23 — a persistently elevated reading that has held above 80 for over two weeks. Ground Swell Capital added 12,402 shares as of March 31 — its entire reported position is a new build. The institutional holder count is just nine, meaning ownership is thin and liquidity events can move metrics dramatically.
The utilisation data shows a near-identical pattern played out in mid-March, when utilisation briefly touched 80.86% before collapsing back below 20%. That episode resolved without a similar price explosion. The current cycle was more severe — utilisation hit 100% and price followed with a triple-digit weekly gain.
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