Avis Budget Group Short Interest Hits Record High of 86.9%
Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 3.7%, the Nasdaq Composite was up 4.3%, the Russell 2000 index was up 4.2, the Russell 2000 Growth ETFwas up 4.5% and the Russell 2000 Value ETFwas up 3.9% in the four-day trading session range through April 9.SHORT INTEREST GAINERSOrtex-reported short interest in Avis Budget Grouphas continued to surge this week, rising from 67.7% to a new record high of 86.9% while days to cover was slipping to 8.2 from 10.7 primarily as a result of a spike in trading volume. We profiled the name two weeks ago, with the rapid gains in the stock price attributed to increased demand at the car-rental counters due to the partial U.S. government shutdown, and the tension between the momentum buyers and the shorts betting on the inevitable pullback has only escalated. This week, in spite of a valuation-driven downgrade by Deutsche Bank, the stock was up another 56% and has now tripled in price in just a three-week period.Ortex-reported short interest in VNET Groupis up notably for the second consecutive week even though the stock appears to have found some support after losing nearly half of its value since mid-February. This week, shorts as a percentage of free float on VNET jumped five percentage points to 30.7% - a new record high. Days-to-cover on the name also nudged higher to 5.7 from 5.6, with the increase in trading activity driving a more subtle increase. Shares of the Chinese data center provider were up about 3% in the four-day period covered, though VNET is flat year-to-date, having shed all of its early 2026 gains.Ortex-reported short interest on Vital Farmstroughed about two weeks ago around 21% but has since shot up while shares are looking for a bottom after the stock lost more than half of its market cap since mid-February. This week, shorts as a percentage of free float on Vital Farms rose two percentage points to 26.6% - the highest level since the last week of February. Days-to-cover on the name were up from 4.1 to 4.4. The stock rose about 3% in the four-day period covered through Thursday, though shares of the pasture-raised egg producer are down 59% year-to-date. The company's Q4 results in late February were especially damaging, earning multiple sell-side downgrades and sending the stock down by double-digits on lower than expected bottom line and below-consensus guidance.SHORT INTEREST DECLINERSOrtex-reported short interest on Tripadvisorpeaked just above 31% on March 17th but has since turned decidedly lower, sliding for three consecutive weeks just as the stock went on to erase a two-day decline of over 20% that followed the company's disappointing Q4 results in mid-February. Short-covering has picked up in earnest after the company confirmed earlier reports of activist involvement of Starboard Value – a 9% equity holder – on March 23, and this week the flight among the bears was especially pronounced, with short interest as a percentage of free float falling four percentage points to a two-month low of 25.6%. Days to cover on Tripadvisor was down from 8.5 to 7.8. The stock rallied about 6% over the four-day period through Thursday, though while shares are now up 21% from their mid-March lows, year-to-date return on Tripadvisor – inclusive of Friday's 5% drop - is still down 25%.
