Logistic Properties of the Americas heads into the aftermath of its Q1 print with a stock that has surged 10% on the week, a short base that has quietly expanded, and borrowing costs that have been quietly retreating even as the position grows.
The price action tells the more immediate story. LPA closed Tuesday at $3.58, up nearly 5% on the day and 10% over the past week. That rally came right alongside Q1 results released after the close on May 13, which showed EPS of -$0.25 — a clear deterioration from -$0.02 in the year-ago period — though revenue improved to $14.4 million from $11.8 million. The market chose to reward the revenue growth. Whether that judgment holds is the central question hanging over the stock now.
The positioning picture is more cautious than the rally suggests. Short interest ticked up 9.4% in a single session on May 12, reaching roughly 126,000 shares, up 6.5% over the week and now 4.2% of the free float. That is a meaningful level for a micro-cap with a market cap just above $113 million. Days to cover runs nearly 8 days on the official FINRA figure — a relatively sticky short base. The ORTEX short score, at 65.5, has been running in the mid-to-upper 60s all week, placing it in the top 5% of stocks on short score rank. That reading reflects a combination of elevated short interest, high days-to-cover, and a stock that has historically been a difficult borrow.
The borrow market, though, has eased meaningfully and tells a different story. Cost to borrow has dropped to 11.8% from above 17% in late April — a 25% decline over the past month. Availability, at nearly 148% of estimated short interest, suggests there are comfortably more shares available to lend than there are currently on loan. That combination — rebuilding shorts alongside loosening borrow conditions — points to a deliberate, unhurried increase in short positioning rather than a forced or squeezed one. Availability has been drifting higher for weeks, giving new shorts relatively easy entry.
Ownership is dominated by a single concentrated position. Jaguar Growth Partners holds 83% of shares. The next largest institutional holder, HC PropTech Partners III, holds 6.7% with no change reported since April 2025. Passive vehicles — State Street, BlackRock, Vanguard, Geode — each hold fractions of a percent. The insider data on file is entirely stale, dating to 2021, and should not be read as current signal.
The earnings history adds relevant texture. Three prior prints produced day-one moves of -4.2%, +12.3%, and -1.0% respectively. The five-day moves were more volatile: +23.5%, +16.5%, and +7.7% — all positive, suggesting the stock has historically found buyers in the days after reporting even when the immediate reaction was muted or negative. With the Q1 result now in, the direction of the five-day drift will be the clearest near-term test of whether yesterday's rally was a durable re-rating or a one-session bounce into a still-struggling income statement.
What to watch next is simple: whether revenue growth at $14.4 million is enough to sustain the rally against a deepening per-share loss, and whether the short base — now rebuilding with relative ease — continues to grow through the post-earnings window.
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