CJR.B is a Canadian broadcaster trading at $0.035 — three-and-a-half cents — making the week's most interesting story not short interest or analyst positioning, but whether the market believes the company has a future at all.
The price tells the whole story before any data point does. The stock closed the week flat, unchanged from the prior Monday, after a 17% single-day gain on April 29 that amounted to half a cent in absolute terms. The last meaningful analyst price target on record is $0.075 — roughly double the current price — but that data is at least twenty days old and may not reflect the company's deteriorating situation. The EV/EBITDA multiple is running near 8x, but with a deeply negative earnings yield and negative book value, traditional valuation frameworks are of limited use here. The enterprise value in the data still registers above C$1 billion, almost entirely reflecting debt rather than equity value.
The lending market is the one signal that is unambiguously clear. Availability is effectively unlimited — the data shows availability at the ceiling of what ORTEX tracks — meaning there is no shortage of shares to borrow, no squeeze pressure, and no evidence of crowded short positioning. Cost to borrow has collapsed too: it ran above 9% in early April and has since fallen to 2.9%, a level last seen in mid-March. That drop in borrowing cost, combined with the high availability, paints a picture of very little demand from short sellers. At 0.31% of free float, short interest is negligible — barely worth mentioning except to note it crept up 4.6% on the week from a base that remains near zero.
The ORTEX short score of 32 reinforces how little short-side conviction there is here. That score has been creeping higher over the past two weeks — from 31.6 on April 15 to 32.2 on April 28 — but remains well below any threshold that would flag meaningful short pressure. The factor scores offer a curious split: EPS momentum over the past 30 and 90 days ranks in the 99th and 95th percentiles respectively, suggesting the fundamental trajectory is improving at the margin, even as the stock price implies near-zero residual value. EPS surprise, by contrast, sits at the 31st percentile — earnings have not been beating expectations outright, just declining at a slower pace than feared.
The most recent earnings event is worth examining. The Q2 FY2026 results, released April 10, triggered an immediate 14% one-day drop. Within five days the stock had recovered that ground, ending the five-day window flat. That pattern — an initial sell-off absorbed quickly — is consistent with a name where event-driven trading activity is small in absolute dollar terms, even if the percentage moves look dramatic on a sub-five-cent stock. The next scheduled earnings event is not yet confirmed in the data.
Institutional ownership is concentrated in the founding Shaw family and affiliated entities, with no active fund managers among the top holders showing recent changes. Insider trades in the data are stale — the most recent cluster dates to September 2025, when the CEO and several senior vice presidents sold shares at $0.0924, roughly 2.6x the current price. Those sales are too old to carry current signalling value.
The stock to watch going forward is less about positioning shifts and more about whether the company's restructuring efforts — reflected in the improving EPS momentum percentile — translate into any stabilisation of the underlying business before the equity value erodes further.
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