ELPW is flashing a rare and contradictory signal. Short positions have been unwound at pace. Yet the cost to borrow has exploded to 436%.
That tension — fewer shorts, but a far more expensive lending market — tells its own story.
The stock gained 149% over the past week. Short sellers appear to have been forced out. Shares short collapsed 71% week-over-week to just 261,000 shares, or 0.43% of free float.
On April 23, positions peaked near 1.69 million shares — 2.76% of float. By April 27, that figure had dropped to a fraction of its high.
But the borrow market hasn't relaxed. Cost to borrow hit 436% on April 27, up 75% in a week. One month ago, it sat at 191%.
Despite the short interest collapse, availability in the lending pool remains extremely tight. The borrow pool was essentially exhausted at peak — utilization hit 100% intraday on April 22, its 52-week maximum. As of April 27, the lending market had eased slightly but remains stretched, with availability indicating that most borrowed shares are still out on loan.
The ORTEX short score sits at 80.8, near the top of its recent range. That reflects the lingering stress in the borrow market even as headline short interest falls.
The 436% cost to borrow is not a spike — it is a sustained level. CTB has held above 249% every day since April 20. Before April 6, it had not exceeded 215% in the available history.
That persistent premium signals that remaining shorts are paying dearly to hold their positions. Any short seller who entered after the April price surge faces a compounding cost structure.
ELPW next reports earnings on May 29. Its last three earnings announcements each produced a negative 1-day move. The five-day move following the April 20 announcement, however, was +139%.
A repeat of that pattern — or its reversal — will be the next hard test for the lending market dynamics currently in play.
What to watch: Whether CTB holds above 400% into May, and whether the remaining short interest of ~261K shares continues to decline or stabilises ahead of the earnings date.
See the live data behind this article on ORTEX.
Open ELPW on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
