Too bad that Stockhouse is one of the few places Investors.....can go to get information. This board has had about one useful post today....I don't claim that this post will increase that number.
The massive run-up on the whole sector presented a great opporunity for the selling (and lets face it, the shorts are a very small part of the selling). When the majority of your shareholders are up several hundred percent in just a few months, as soon as the momentum changes, those shareholders will sell. I'd wager that the majority of people on here that were in before November have sold some, then perhaps bought back when it dropped, only to watch it drop significantly more.
After if dropped to under 10 last time (late Feb), the short position declined (and htat buying helped drive it up to over $11.50). Short position on Feb 28th was 33.4 Million shares and on Mar 15 it was 28 Million. I wouldn't bet on that happening again for sure, but at least some of the short sellers thought that under 10 was a decent place to start closing their position - and that over 11.50 was a good place to stop closing (and perhaps start selling more). In the meantime, the majority of the decline should be attributed to holders who are trying to lock in some profits.