The short book on EHang Holdings is finally moving. SI has dropped to 8.5% of free float — down 10.4% in a week. But the borrow market tells a different story. Availability is still just 13%, and every share in the lending pool remains lent out.
The SI decline is the first meaningful directional shift in weeks. Five days out from the June 9 Q1 earnings call, short sellers are reducing exposure. The position has fallen from roughly 9.5% of free float to 8.5% over seven days — about 700,000 shares covered.
That retreat has not loosened the borrow market at all. Availability sits at 13% — roughly one share available for every seven already lent out. That's actually up from the tightest point of 7.7% two weeks ago, but it remains in the "very tight" zone that has persisted for the past six weeks without interruption.
Bears trying to exit face the structural problem this stock has carried all month: with borrow fully locked, covering positions requires actual buyers in the market. There is no slack in the lending pool to absorb the trade quietly.
The cost to borrow has retraced from the 2.63% spike flagged in the June 2 report. It now sits at 1.73% APR — down 13% week-on-week and 44% over the past month. That compression reflects the reduced demand to establish new short positions, not any easing of supply. The pool remains fully committed. New shorts are simply less interested in paying up, five days from a binary event.
The 52-week minimum availability was 0.06% — recorded earlier this year. The current 13% reading looks comfortable by comparison, but context matters: this stock has not seen availability above 17% since mid-May.
Call buyers still dominate. The put/call ratio is 0.044 — near its 52-week low of 0.022. The options crowd has not shifted toward protection despite the stock's 4.3% one-day drop on June 3. Seven analysts rate the stock a buy, and the consensus price target sits at $121.91 against a close of $9.78.
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EH heads into Thursday's Q1 earnings call with the most interesting tension in the stock unchanged: short sellers have stopped moving, borrow is fully locked, and the options market is still dominated by call buyers…
