BDST — bebe stores, inc. — is a micro-cap OTC apparel name trading at $0.35, up 17% on the week and 9% over the past month. But the headline price move masks a thin and lightly followed stock where nearly every data signal is either stale or too small to carry weight. The story here is less about what's happening and more about what's absent.
Short sellers have been stepping back all month. Estimated short positions fell roughly 9% over the past week and are down about 21% over the past month, dropping from 325 shares (in thousands) to around 258. That sounds dramatic in percentage terms, but with a short interest of just 0.002% of the free float, there is essentially no meaningful short thesis on this stock. The borrow market reflects the same reality: availability is effectively unconstrained, with shares-available-to-borrow running at multiples of the existing short interest. There is no squeeze pressure, no crowded trade, no tension in the lending pool.
The cost-to-borrow data tells a historically interesting story, though the most recent reading dates to December 2025 — over four months ago — and must be treated with caution. At that point, borrow cost had eased to around 34%, down sharply from levels above 100% seen in late 2024. That prior spike, when CTB briefly exceeded 100%, coincided with a period of elevated short interest by BDST's standards, suggesting past episodes of heavier short pressure that have since dissipated. Today's borrow landscape is structurally looser, with a short score of 40 that has drifted slightly lower over the past two weeks.
Options, insider, analyst, and factor score data are all either absent or so dated as to be meaningless for current positioning. The most recent insider activity on record dates to early 2018, and the options data series last updated in December 2016. Earnings history carries two data points from early 2017, when the stock jumped roughly 13% the day after reporting. None of this is current enough to frame a trade.
The ORTEX short score of 40 — broadly mid-range and flat over the past ten sessions — is the cleanest current signal available, and it suggests no particular directional pressure from the short side. With a market cap of approximately $4.5 million, no analyst coverage, no options market, and almost no institutional short interest, BDST is one to watch primarily for any news catalyst that could move price on thin volume — the price action itself, up 17% this week to $0.35 on what appears to be minimal volume, already shows how quickly the stock can move without a corresponding positioning story behind it.
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