FEED heads into its May 22 earnings report with one of the most extreme borrow profiles on Nasdaq — no shares left to lend, borrowing costs above 370%, and short interest that exploded from nothing to 30% of the float in a single week.
The lending market tells the starkest story. Availability has collapsed to exactly zero — every share in the pool is currently borrowed, the tightest it has been over the past year. Cost to borrow is running at 371% annualised, high enough to punish anyone holding a short position into the event, though the rate has eased modestly from a peak above 527% in early April. More striking is the speed of the short build: short interest was effectively zero through early May, then surged to roughly 30% of the free float by May 11, before pulling back slightly to 30% by May 15. That kind of concentrated, rapid accumulation — paired with zero available supply — creates a mechanically fragile setup heading into a binary catalyst.
The ORTEX short score reinforces the picture. It jumped from 61 to 81 around May 8, when the short interest spike first appeared, and has held near that level since. A score of 81 places FEED in the 1st percentile for short score rank — meaning almost no stock in the universe carries a more bearish short-side configuration. The days-to-cover rank adds further context, sitting at the 81st percentile, which reflects how long it would theoretically take to unwind the short position at normal trading volumes.
The stock's price action reflects the pressure. FEED has fallen 30% over the past month to $1.095, with an 8% decline in the past week alone. Recent earnings history shows a pattern of initial bounces followed by sustained selling: the two most recent prints produced a 4% and 2% one-day gain respectively, but both were followed by five-day losses of 19% and 14%. The insider data is too stale to inform the current setup — the most recent filings date to February — and analyst coverage data is absent for this micro-cap name.
The May 22 print is therefore less a test of the company's medical device fundamentals than a stress test on the borrow market itself: with no availability remaining and a 30% short interest position that appeared almost overnight, the earnings release will determine whether those shorts find an exit or face a squeeze with no obvious off-ramp.
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