Short Report: Dave & Busters short interest hits record high
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SHORT INTEREST GAINERS
Ortex-reported short interest in Kura Sushi (KRUS) had plateaued at 17% from late March through late April, though this week, bearish interest has perked up as the stock has come off its early-April lows. Shorts as a percentage of free float rose from 16.8% to a two-month high of 21.3%, while days to cover was unchanged at 6.2, even though volume has been receding over the past two-week period. The stock traded down 2% in the five-day period covered, and though shares are up 49% from last month's lows, Kura Sushi is still down 32% year-to-date.
Ortex-reported short interest in Dave & Busters (PLAY) had settled in a 28%-30% range for much of April, though this week has seen a bounce in spite of the stock not participating in a broader market swell. Shorts as a percentage of free float on the name jumped from 29.3% to 34.1% – a record high. The company had just reported February-end Q4 results in early April, and the volume has come off relative to post-earnings spike, sending days-to-cover on the stock up to 7.5 from 6.7. Meanwhile, shares were down 1% in the five-day period covered through Thursday, and while Friday's trading saw the stock rise 3%, the company is still down 34% year-to-date.
Ortex-estimated short interest on Hertz Global (HTZ) is tracking the sharp gains in the stock price, having risen over ten percentage points from its 2025 lows around 34% in mid-February. This week, short interest as a percentage of free float was up from 41.9% to 47.2%, though Friday was the highest level on record at 48.4%. The stock got a turbo-boost of over 25% from on April 16th, when Pershing Square's Bill Ackman disclosed that he has taken a 12.7% stake in the company. Though shares have since come off the initial spike and were down 22% in the five-day period through Thursday, Hertz is still up over 80% year-to-date.
SHORT INTEREST DECLINERS
Ortex-reported short interest on Guess (GES) had hit a one-month high of 35% in mid-April, but with shares bouncing from multi-month lows over the past two weeks, bears are covering some of their exposure. This week, shorts as a percentage of free float on the stock fell seven percentage points to 34.3% and days to cover pulled back from 5.9 to 5.7 while shares slipped about 7%. The week's retreat in spite of the market rally also comes in the wake of the 17% gain last Thursday following a Bloomberg report that Authentic Brands is weighing a bid for Guess to rival that of WHP. Year-to-date however, the stock remains down over all with a 19% decline.
Ortex-reported short interest on MobilEye (MBLY) hit a record high of 27.5% in mid-March but has since come down from those levels. This week, the bear retreat was particularly pronounced following the company's in-line Q1 results and affirmed guidance last Thursday, with shorts as a percentage of free float slipping from 26.4% to 22.5%, the lowest level since early February. The stock had rallied 35% from its April 21st lows, even as bullishness has moderated this week with a marginally negative five-day finish through Thursday. Year-to-date, MobilEye shares are still down 27%.
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