PIII just experienced a seismic shift in its lending market. Availability crashed from 447% to 9.2% in a single session — the lowest reading in 52 weeks.
The cost to borrow was stable around 7–9% for weeks. On May 15 it hit 84.6%. That is a 1,040% jump in one week.
This wasn't a gradual tightening. It was a cliff. One day prior, availability sat at 447% — normal-to-loose territory. By May 15 it had collapsed to 9.2%, meaning fewer than one share remains available for every ten already borrowed.
Shorts scrambled to establish positions as the stock rocketed. The price rose 180% in a single session and is up 368% over the past month.
SI stood at roughly 62,000 shares borrowed through early May. It barely moved. Then came the earnings release on May 14 — the stock jumped 216% in a day.
Short interest surged 174% overnight to 202,000 shares on May 15. As a percentage of free float, that puts SI at 6.2%. The week-on-week rise is 223%.
The catalyst is clear. 's earnings print triggered a violent re-rating. Short sellers moved fast. They found a borrow market that quickly ran dry.
Lake Street's Ben Haynor raised his price target from $4 to $14 on May 15 — a 250% increase. His Buy rating stays in place. The stock closed at $11.29 on May 15.
That puts PIII trading near the new target, even as the consensus mean target across all analysts remains at just $3.00. The divergence is stark. One analyst repriced radically. The broader consensus has not yet moved.
The next earnings event is June 9. With availability at a 52-week low, borrow costs above 84%, and short interest now at 6.2% of float — the setup heading into that event is tightly coiled. Any further move in the stock will be amplified by how few shares remain available to borrow or return.
Data summary
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