PN entered May having tripled in price in a single week — and the lending market responded with an unprecedented wave of short selling that is now the defining story in this stock.
Short interest has become extreme, fast. Estimated shares short rose nearly 300% in one day on May 5, and over the full week the jump was roughly 61-fold — from a near-zero base of around 7,300 shares to more than 450,000. The float percentage tells the sharpest version of the story: SI now represents 40.8% of the free float, among the highest readings anywhere in the US market. That is a dramatic repositioning in less than five trading sessions, driven entirely by the stock's 177% weekly price surge.
The lending market is almost fully seized. Cost to borrow has exploded to 847% annualised — up from roughly 27% just four trading days ago — and availability has collapsed to zero. There is not a single share left to borrow in the lending pool. Every lendable share is already out. That is the tightest borrow condition the stock has seen all year; its 52-week utilisation peak was 96.6%, and at 94.3% today it is closing in on that high with the cost structure suggesting any remaining supply has already been absorbed at elevated rates.
The ORTEX short score reinforces the story. It climbed to 81.3 on May 5, up from 39.7 just two weeks ago on April 24 — a near-doubling of the score in ten sessions. That score ranks in the top percentile of the entire US market. The utilisation rank of 2 and short score rank of 1 confirm this is among the most intensely borrowed, most shorted names on Nasdaq at this moment.
The stock itself closed at $6.88 on May 5, up 26.9% on the day and 177% on the week, following a 33% gain over the prior month. With a market cap of under $9 million, PN is a micro-cap, and the extreme moves in both price and short positioning are consistent with that profile — thin float, low liquidity, violent moves in either direction. The ownership picture is narrow: the top two holders, Weiqi Huang and Gaokui Zhang, held a combined 30% of shares as of September 2025, and no institutional investor has a position above 0.06%. That makes the float extraordinarily small relative to short demand.
Earnings history adds some context. The last two prints — in January and September 2025 — both produced sharp selloffs, with the January event generating a 33% one-day drop and a 29% five-day loss. The most recent print in February 2026 saw a modest 2.4% one-day gain. No next earnings event is scheduled in the data.
The setup heading into the week ahead is one to watch for any sign of a borrow recall or short covering wave. With availability at zero, cost to borrow near 850%, and short interest at 40% of the float in a micro-cap name that just tripled, the lending dynamic — not fundamentals — is what will drive price action.
See the live data behind this article on ORTEX.
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