AVX heads into tonight's earnings release with short sellers in full retreat — a sharp reversal from extreme positioning just weeks ago.
The borrow market tells the clearest story. Short interest collapsed 67% over the past week to just 0.31% of the free float. That follows a spike to nearly 4 million shares short on May 6, when the ORTEX short score hit 72.4 — well into elevated territory. Since then, the score has dropped to 30.7. With availability now effectively unconstrained (ORTEX shows it at 9,999% of short interest), there is no borrow pressure heading into the print. Cost to borrow has also eased sharply from a peak above 35% in late March to roughly 12% today, though it ticked up 18% on the week — a minor reversal within a broader retreat.
The price chart adds context to the unwind. AVX fell 22% over the past month to $0.49, with another 7% gone in the past week alone. Short sellers appear to have covered into that weakness rather than pressing new positions. The stock's micro-cap size — roughly $44 million market cap — means even modest position changes generate significant swings in short interest percentages.
Ownership concentration is notable. Hivemind Capital Partners holds 10.3% of shares, with no reported change in the latest filing. A cluster of smaller funds — Steadfast, Kathmere, and Yorkville — each built positions from zero in recent periods, collectively adding material new demand. Wei Zhu appears on the register with 5.9% and no prior holding on record, a fresh accumulation. With just 27 institutional holders in total, a single large move in or out of any of these positions has outsized impact on float dynamics.
Past earnings reactions have been sharp in both directions. The April 2 print saw the stock drop 7.9% on the day, though it finished the five-day window nearly flat. The March 31 release did the opposite — up 10.7% on the day, then down 4.3% over the following week. Tonight's print will test whether the concentrated shareholder base and sharp recent decline have reset expectations enough to absorb whatever the numbers show.
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