Post by
GoldInsect777 on Aug 10, 2023 11:47am
Outstanding shorts are x3.5 increased as of 7/31
From ~13,500 on 7/15 to 62,000 on 7/31. Hard to tell how much of those positions were opened before the announcement of the PP on 7/20 - 7/21, but the fact that anyone would want to take significant short positions on a company with such horrible liquidity makes me wonder if someone already knows some bad news. There is no possible way these shorts can be profitably covered without a major liquidity event to the downside.
Comment by
dar76124 on Aug 10, 2023 12:48pm
I think they are assuming Vulcan drilling is going to be a bust this year. Interestingly I just noticed there was a large amount of insider buying on July 26. Insiders must still feel confident. I hope they are correct.
Comment by
GoldInsect777 on Aug 10, 2023 1:20pm
That was all insider participation in the FT PP. They get a tax break from that, and you therefore can't assign too much importance to it.