Short interest

Short interest is the total number of shares of a given security that have been sold short and not yet covered or closed out. It's a measure of market positioning — specifically, how many traders are betting against a stock.

How it's reported

In the US, FINRA-member broker-dealers must report aggregate short positions twice a month (mid-month and end-of-month). The data publishes with a roughly two-week lag.

Common metrics:

• Short interest % of float: short positions divided by the publicly tradeable share count. Above 15% is high, 20%+ is very high
• Days to cover (short ratio): short interest divided by average daily trading volume. Higher = harder to cover quickly = more squeeze risk

What it signals

For a long thesis: high short interest is bullish-asymmetric. If a positive catalyst hits, shorts must cover, and forced buying can amplify the move into a short squeeze. The 2021 GameStop episode (~140% of float reported short) is the canonical example.

For a short thesis: high short interest on a name you want to short is a warning. It means the trade is crowded — most of the easy borrow has already been taken, the borrow cost is high, and a small positive surprise can trigger a vicious squeeze against you.

Low short interest (< 5% of float) usually signals consensus optimism — there's no obvious squeeze risk on the long side, but also no contrarian fuel.

How Top Tier Newswire surfaces it

Short interest stats are pulled from Finviz and refreshed daily. Pro subscribers see short % of float and days-to-cover in the Top Trades evidence pack for every rated ticker. The public ticker pages show the same data with a 4-hour delay.