AGPU heads into its May 18 earnings print with a story that has dramatically reversed over the past month — and the short-side tells it best.
Short sellers have been retreating from one of the most crowded positions of the past six weeks. Short interest peaked at 21.5% of the free float on April 24. By May 14 it had more than halved, to 10.3% of float. The retreat is even sharper in cost-to-borrow terms: borrow fees ran above 450% APR in mid-April and have crashed to around 100% — still elevated, but a fraction of their peak. Availability is at 117% of existing short interest, meaning the lending pool is no longer strained. This is the clearest signal that the aggressive short thesis of April has meaningfully deflated.
The stock has mirrored that unwind. AGPU closed at $5.85 on May 15, up 69% over the past month and nearly 4.5% in a single session. The three-month chart shows a stock that traded below $2 in early March, spiked past $8.75 in early April, corrected sharply, and has now stabilised in the $5–6 range. That is a volatile range by any standard, and the ORTEX short score of 75.3 out of 100 confirms that significant short-side pressure remains even after the unwind — the score has climbed from 58 on May 4 to 75 as of May 14.
The ownership picture adds context. The register is tightly held: the top two individuals, Mark Borsten and Weiyu Luo, together control roughly 23% of shares. Institutional presence from recognised funds is minimal — Geode, Vanguard, and Millennium collectively hold under 1% of the company. That concentrated structure amplifies the volatility potential around any catalyst, as thin float and limited institutional liquidity can exaggerate moves in either direction.
Past earnings events at AGPU have produced outsized reactions. The April 1 print generated a one-day move of more than 150%, with a five-day follow-through of 178%. A separate late-March event produced a 142% single-day gain and a five-day move of 224%. The most recent event on May 14 reversed sharply, falling nearly 10% on the day. The pattern is one of extreme and inconsistent reactions — not a stock with a predictable earnings cadence.
The May 18 print is therefore less about conventional metrics and more about whether the company can offer a narrative that justifies the stock holding above the post-squeeze reset, with a short base that is still meaningful at 10% of float watching closely for any reason to rebuild positions.
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