Short Report: Short interest in residential solar heats up again
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SHORT INTEREST GAINERS
Ortex-reported short interest on Sunrun (RUN) jumped from 27% to over 30% with days-to-cover on the name up from 3.2 to 3.9 this week. Similarly, short positioning as a percentage of free float on SolarEdge (SEDG) went up from 30.5% to 32.6%. Bearish appetite for both names had been receding as short-sellers took profits following meaningful declines in their respective stock prices on May 22, when House Republicans' passed budget bill was seen as containing a worse than feared scenario of cuts to renewable incentives for solar/wind energy and both stocks subsequently erased their losses over the first half of June. With the Senate budget bill out this week also proposing a full phase-out of solar and wind energy tax credit as soon as 2028, bears are renewing their bets on more Washington-imposed pain and residential solar names are back in freefall. Shares of Sunrun were down 27.6% and those of SolarEdge fell 19.2% in the four-day period covered through Thursday. Year-to-date, Sunrun is off by 33%, though SolarEdge is still up 21%.
Ortex-reported short interest on Designer Brands (DBI) had retreated from a five-month high of 32% to 27% last week as bears took profits from a 35% plunge in shares following the company's disappointing Q1 results and pulled guidance on June 10. With no signs of a bounce and multiple sell-side price target cuts, however, bears are now rebuilding their positions. Shorts as a percentage of free float were up four percentage points this week to 30.8, days-to-cover rose to 5.9 from 5.0, and the stock was down 5.4% in the four-day period covered. Year-to-date, Designer Brands is now down 57%.
Ortex-reported short interest on Guess (GES) had fallen to a 14-month low level just under 20% in the first week of June and ahead of its Q1 earnings on June 5. While the stock bounced despite the company's below-consensus Q2 guide and FY26 outlook cut, bears are returning to the name. This week, shorts as a percentage of free float on Guess were up from 20.2% to 22.7% – a three-week high. Likewise, days-to-cover on Guess jumped from 6.4 to 9.3 – a three-month high – even though volumes held relatively steady. The stock was down 4% in the four-session period through Wednesday, though Friday's 5% rally erased all of those losses. Year-to-date, Guess is still down about 15%.
Ortex-reported short interest on Centrus Energy (LEU) had fallen to the lowest level since November of 2024 in the first week of June at about 17% as the stock had nearly quadrupled over the prior four-month period from April lows. This week however, shorts as a percentage of free float were up from 18.7% to 20.6%, with bears questioning whether the extreme bounce in the nuclear fuel component supplier is sustainable or deserves a pause. Indeed, while the stock is up 14% in the four-day period covered, Friday saw the upside momentum stall out after an intraday jump of 16% to finish up a more modest 5%. Year-to-date, shares of Centrus are still up a whopping 185%.
SHORT INTEREST DECLINERS
Ortex-reported short interest in Enliven Therapeutics (ELVN) had tracked in a 24%-29% range since mid-October but collapsed this week with a decline from 25.7% to 18.4% – a 14-month low. Days to cover on the stock also fell sharply from 7.8 to 6.9 in spite of a spike in volume last Friday – a 9-month low. The burst of trading activity, along with last Friday's 11% jump in the stock price that catalyzed the surge in short covering, was driven by the company's announcement of positive data from its Phase 1 clinical trial of ELVN-001 in patients with chronic myeloid leukemia. The results were then cheered by analysts at Goldman Sachs, who assigned a Buy rating to the stock with a price target of $37, implying another 50% return from current levels. In the four-day period covered, Enliven was up 9.7%, though shares are still down 5% year-to-date.
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