The lending pool for RWAY has tightened sharply over the past week. Short interest, cost to borrow, and availability are all moving in the same direction — and the ORTEX short score is rising alongside them.
Cost to borrow hit 5.15% on May 13. That's a 125% jump from a week earlier. Over the past month, it's up more than 200%.
Availability has tightened in tandem. With 92% of the borrowable pool now lent out, only around 8 shares remain available for every 100 already borrowed. That's a very tight lending market — sitting close to the 52-week peak of 94.6% utilization recorded earlier this year.
The short score reflects this. It now stands at 67.9, up from 63.5 on May 7. That's a meaningful seven-day move and places RWAY in elevated short-squeeze-pressure territory on the ORTEX scale.
Short interest climbed 11% over the past week to 3.24 million shares. The recent trend stands out against the prior month: shares short had been declining through late April, falling from roughly 4.1 million in mid-April to under 2.9 million by May 7. The reversal since then has been abrupt.
The official FINRA fortnightly figure — 3.14 million shares settled April 30 — corroborates the directional move. Days to cover stands at 5.52.
Wells Fargo's Finian O'Shea cut his price target today from $7.00 to $6.50, maintaining an Equal-Weight rating. The stock closed at $6.52 on May 13 — meaning the revised target is essentially at the current price.
The broader analyst pattern is uniformly bearish on valuation. JP Morgan, B. Riley, and Wells Fargo have all lowered targets in 2026. The consensus remains "buy" with a mean target of $8.68, but that gap has been closing fast. The stock is down 4.3% over the past week.
One signal cuts against the bearish lending picture. The put/call ratio hit 0.17 on May 13 — a 52-week low. That's significantly below the 20-day mean of 0.32. It suggests options traders are leaning heavily toward calls, not puts, even as short sellers increase their positions.
Three metrics converging — borrow costs, availability tightness, and rising short score — in the same week that the top analyst cuts his target to match the market price. The June 23 earnings event is the next scheduled catalyst.
Data summary
See the live data behind this article on ORTEX.
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