Three lending-market signals converged on AMC this week. Short interest climbed, availability collapsed to zero, and cost to borrow spiked — all within 72 hours.
On May 5, availability on AMC shares dropped to 0%. Every share in the lending pool was lent out. That matched the 52-week high for tightness, reached previously on April 3, 7, 8, 20, and 21.
By May 6, availability had loosened slightly. But the borrow cost kept climbing. Cost to borrow reached 1.96% on May 6 — up 53% in a single week from 1.28%. That's the highest level since mid-April, when it briefly touched 2.00%.
For context: a week ago, CTB sat at 1.28%. The rapid move higher signals genuine competition among short sellers for a shrinking pool of lendable shares.
Short interest stood at 17.75% of free float as of May 6. That's up 6.3% week-on-week in share terms. It peaked intraday around 18.66% during the session on May 6, per the pulse data.
The ORTEX short score sits at 69.4 — ranking in the 6th percentile among US stocks. That's an extreme reading. The score has climbed steadily from 67.3 on April 23, ticking higher every session.
Days to cover stands at 2.45, per the most recent FINRA fortnightly data (settlement date April 15).
Benchmark's Mike Hickey upgraded AMC to Buy on May 6, setting a $2.50 target. That's 52% above the current price of $1.64.
One day later, Citigroup's Jason Bazinet held his Sell rating and nudged his target up to $1.20 from $1.10 — still 27% below the current price.
The consensus is Hold, with 2 buys, 4 holds among covering analysts. Mean price target is $2.03.
AMC reported earnings on May 5, with the stock moving 13.1% the following day. The next earnings event is scheduled for August 4.
The put/call ratio stands at 0.18 — near its 52-week low of 0.1447. Options traders are not hedging against downside. The PCR z-score of -0.73 reflects call-heavy positioning, running counter to the short-seller conviction building in the lending market.
The borrow market has now hit maximum tightness three times in six weeks. Each prior episode (April 3, 7–8, 20–21) resolved with availability loosening within one to three sessions. Whether this week's episode follows the same pattern — or whether sustained demand from short sellers prevents any relief — is the key tension heading into next week.
See the live data behind this article on ORTEX.
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