GIPR enters the back half of May at $0.254 — down 7% on the week and nearly 60% year-to-date — but the more telling story is what happened to short positioning over the past month and the Q1 results that landed Thursday evening.
The short-selling picture has reversed dramatically. Estimated short interest peaked at roughly 930,000 shares on April 14, representing intense pressure for a micro-float stock, before collapsing by more than 85% to approximately 131,000 shares by May 14. As a percentage of free float, the latest reading is around 2.4% — well down from what were likely double-digit free-float levels just five weeks ago. The pace of that unwind is steep: short interest has fallen 43% over the past month, 25% over the past week, and another 11% in a single session on May 14. The ORTEX short score has followed, dropping from 55.5 on May 4 to 44.3 today, placing the stock in the 21st percentile for short score rank — no longer anywhere near the most aggressively shorted names in its sector.
The borrowing market tells the same story. Cost to borrow has fallen from a peak above 2.6% in mid-April to just 0.85% today — less than a third of where it was — and availability has loosened to the point where the borrow is now genuinely cheap and easy. The 52-week high for utilisation was 89%, recorded on April 9 at the height of the short activity. At 38.5% today, that pressure has largely cleared. The DTC rank sits near the top of its universe at the 84th percentile, suggesting days-to-cover remains relatively elevated in absolute terms even as the share count falls, but official FINRA data pegged days-to-cover at just 1.08 — a level consistent with limited near-term mechanically-forced squeeze risk.
Nearest US peer SQFT had a rougher week, falling more than 21%, which puts GIPR's own 7% weekly decline in some relative context — though the correlation between the two is modest at around 35%, so that comparison should be treated cautiously.
On the fundamental side, Q1 results reported yesterday evening produced a mixed read. FFO of $0.02 per share beat the consensus estimate of -$0.05, a meaningful positive surprise, but revenue of $2.18 million missed the $2.46 million estimate. The EPS surprise factor score is in the 12th percentile, reflecting a history of mixed delivery, and the dividend score is just 8 — the company's last declared dividend dates to mid-2022, with no indication of resumption. Analyst coverage is stale: the sole active rating is a Hold from Maxim Group, last updated in June 2024 — nearly two years ago. Any price targets on record are not current and cannot be reliably quoted against a $0.25 stock. The market cap has fallen to roughly $1.4 million, placing GIPR firmly in micro-cap territory where analyst coverage is sparse.
The next scheduled earnings date appears on the calendar as May 21 — though with results and the 10-Q already filed May 15, that may reflect a residual system entry rather than a further event. What to watch from here is whether the short-interest unwind stabilises near current levels or continues, and whether the Q1 FFO beat translates into any renewed institutional engagement — the top holder, Gator Capital Management, holds just under 5% with no recent change reported.
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