Short Interest
Short interest hit an all time high of 30,087,202 shares as of 18 April. Here is the report:
https://www.dailyfinance.com/company/cgi-group-inc-cl-a-sv/gib.a/tor/short-interest
This is a huge 13 percent of the float and 43 x the daily float.
What is amazing is this short interest has been building over the last year from 17,148,939 as of 1 April 2010. Conincident CGI's share price has climbed from about $10.50 to $21.38 as of today.
Despite this considerable betting against CGI the share price has continued to rise. Here is the chart:
https://stockcharts.com/freecharts/gallery.html?GIB/A.TO
The shorts have to be losing big time. So why do they keep betting against CIG?
For the last 5 years CIG has had better then industry average financials and improving financials. With news today of the contract with California CIG's forward earnings already forcast to rise will have to be revised even higher.
Rather then take their losses were shorters pouring good money after bad hoping CIG would falter? That certainly is not going to happen now. The California contract ensures that. Additionally the contract will likely leverage into contracts with other debt ridden states.
There is serious pressure now for these shorted shares to be covered. There will be serious buying to pay back all these borrowed shares that well propel the share price to even higher levels.