RE:Aris Approaching 52 Year HighWe need a solid close over 4.70 to get those underwater shorts nervous. It depends somewhat on whether or not, the shorts own the Aris B series warrants. They are 2.21 strike expiring April 30th with nearly 9 million outstanding. A B series warrant holder short has an automatic cover price of 2.21 no matter how high the stock goes. However, any other investor or institution does not have that fixed price point.
A week from Friday (April 5), the 4.75 strike convertible expires, which will add 3.8 million shares to the outstanding total. After thinking and researching about it, the Convertible expiration should be a nothing burger for the stock.
I do expect in May, after the B warrants are exercised and no more in-the-money cover point, that shorting intensity will be reduced. I've seen it before in miners after warrants are exercised, the stock tends to experience more bullish trade.