Short sellers are piling into WYFI at an unusual pace. Short interest jumped 40.7% in a single day to 10.8% of free float — the highest level in three months — even as the stock has nearly doubled over the past month.
SI hit 10.76% of free float on May 27, up from roughly 7.65% the day before. That's a one-day addition of roughly 1.19 million shares. Over the past month, short interest has grown 87%. That pace is striking against a backdrop of a 91% one-month price gain — shorts are leaning in, not capitulating.
The ORTEX short score stands at 73.7, in the 97th percentile of all stocks. Days to cover sits at 1.47, per the latest FINRA filing.
The lending side confirms the demand. Cost to borrow reached 13.15% APR on May 27, up 61% in one week and more than double where it stood a month ago. Availability has tightened sharply. It briefly fell to just 0.12% on May 18 — near-total exhaustion of the lending pool — and has only partially recovered to 21% as of the latest reading.
To put that in context: at 21% availability, roughly one share remains borrowable for every five already out on loan. That's a tight market. The 52-week low in availability was 0.12%, touched just ten days ago.
The put-call ratio hit 0.49 on May 27, more than two standard deviations above the 20-day mean of 0.30. That's the highest PCR reading in several weeks, suggesting options participants are adding downside protection as the stock surges. The 52-week high on PCR was 2.97 — so the current level is elevated relative to recent norms but well below the historical extreme.
Analysts moved quickly after the May 14 earnings print. Cantor Fitzgerald raised its target from $13 to $27 (maintaining Neutral). BTIG lifted its target from $20 to $35 (Buy). Needham nudged its Buy target to $38 from $36. The consensus mean target sits at $35.44 — just 12% above the current price of $31.58 after the rally.
The bull case centres on WhiteFiber's $865M multi-year contract, its HPC campus buildout, and growing AI infrastructure demand. Bears flag execution risk on site buildouts, customer concentration in Cloud Services, and valuation: the stock trades at a negative P/E and negative earnings yield, with an EV/EBITDA of 14.2x on still-thin fundamentals.
Availability is the key variable. At 21%, another wave of short demand could push the lending market back toward the extremes seen earlier this month. Next earnings are scheduled for August 13.
Data summary
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