EUDA Health Holdings Limited heads into its April 29 earnings report carrying one of the most extreme short-side setups of any stock on Nasdaq right now.
The short data tells an urgent story. Short interest exploded by more than 2,700% over the past week — from roughly 2,900 shares to over 163,000 — reaching 10.3% of the free float as of April 24. That is the highest utilization reading of the past year at 93.4%, meaning nearly every share available to borrow is already out on loan. Borrow costs have more than doubled in a week to 356% APR, a level that reflects a near-complete squeeze on available supply. Together, these three metrics describe a lending market under acute stress heading into the event.
The price action compounds the tension. The stock closed at $12.86 on April 27, up 21% on the day and 118% over the week. That kind of move in a micro-cap — the market cap is approximately $27 million — can reflect both short covering and speculative momentum, often simultaneously. The YTD picture is a sharp contrast: EUDA is still down 77% on the year, which frames the recent rally as a violent reversal inside a longer downtrend rather than a fundamental re-rating.
Ownership here is highly concentrated, which amplifies the short-side risk. Watermark Developments and CEO Meng Dong Tan together account for roughly 37% of shares. With so few shares in public hands, even modest buying pressure can move the stock dramatically — a dynamic the borrow market is already pricing. No analyst coverage is present in the data, and there is no current valuation or institutional flow context to anchor a bull or bear case in the conventional sense.
Earnings history adds one final layer. The last four events produced moves of -28%, +19%, flat, and +0.3% on the day respectively. The five-day windows were equally erratic: -19%, +49%, -24%, and +11%. That kind of dispersion means the market has no reliable template for how EUDA responds to a print. The April 29 release is therefore less a test of fundamental delivery and more a stress test of whether a highly illiquid, heavily borrowed micro-cap can absorb whatever the result brings — in either direction.
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