BNBX heads into the back half of May with its most dramatic short interest reversal of the year already underway — and fresh Q2 numbers just hitting the tape.
Short covering has been the defining story this week. SI % of free float ran at roughly 5.8% as of May 14, but the pace of the unwind is what commands attention. Shares short have collapsed more than 81% in a single week — from around 361,000 on May 8 to just 75,000 by Thursday. That reversal follows a broader pattern: short interest peaked near 1.43 million shares in late April, representing one of the most crowded periods on record for this micro-cap name, and has since been unwinding in near-continuous daily steps. The ORTEX short score, which had climbed to 66.4 on May 5 at the height of the build, has now fallen back to 43.8 — approaching neutral territory and confirming the shift in sentiment among short sellers.
The borrow market tells an equally revealing story. Availability has loosened dramatically as shorts exit. With the lending pool no longer under pressure, cost to borrow has pulled back from its mid-April peak above 120% APR to roughly 84% — still expensive relative to the broader market, but well off the highs and no longer accelerating. The 52-week utilization peak hit 100%, meaning every available share in the lending pool was lent out at the apex. Now, with utilization down to around 6% and falling each day this week, there is considerably more room in the borrow market for anyone still holding or looking to initiate a short position. The DTC rank of 87 in factor scores points to how quickly the days-to-cover picture has normalised from extreme levels.
The fundamental backdrop offers context for the squeeze build and unwind. BNB Plus reported Q2 fiscal results on May 15, with EPS of $(0.68) — dramatically improved from $(229.59) a year earlier — on revenue of $1.02 million, up from $763K. The improvement in per-share losses reflects significant dilution management rather than a sudden profitability inflection, but the direction of travel is the right one for a company trading at $0.44 per share, down 24% over the past month and 64% year-to-date. With a market cap of roughly $2.5 million, BNBX remains firmly in micro-cap territory, and the prior earnings history reinforces the stock's tendency to move on results — the April 28 print produced a 1-day decline of 3.5% and a 5-day loss of 5.6%, while a December 2025 event saw a 8.2% 1-day drop and a 12.4% five-day drawdown.
RSI14 at 30 places the stock on the edge of oversold territory on a technical basis. The institutional holder list, led by Silvermine Capital Advisors at 10.6% of shares reported in March, is thin by any standard — just eleven disclosed holders in total, with names like Off The Chain Capital and Galaxy Group Investments suggesting a register weighted heavily toward specialist or thematic managers rather than generalist long-only funds. Insider data in the snapshot is too dated (last filed 2021) to be meaningful today. The Schedule 13G/A filed by L1 Capital Global Opportunities on May 15 is worth monitoring, as it signals at least one institutional investor actively updating its position disclosure around the results.
Among correlated peers, ABCL bore the heaviest pressure this week, down nearly 22%, and CDT fell 14%. QSI dropped 4.6% and NOTV lost 4.3% — suggesting sector-level weakness is amplifying what is already a challenged price trend for BNBX. With Q2 results now public, May 19 flagged as a potential follow-up event date, and short interest still contracting from elevated levels, the next session-by-session read on the borrow market and SI trend will show whether the unwind has run its course or has further to go.
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