Online furniture retailing is a tough gig when mortgage rates bite. Temple & Webster has watched its share price slide 28.6% over three months as discretionary retail spending dries up 1. The short sellers have noticed.
The slide accelerated in early May 2026, driven by a sector-wide retreat from discretionary retail 1. By mid-May, the divergence between TPW and its peers became a gulf 2, prompting questions about e-commerce sentiment 3. Co-founder and director Mark Coulter decided to fight back. On 19 May 2026, Coulter executed multiple on-market purchases 4, increasing his personal shareholding by 445% 5. It was a massive statement of confidence, but the market shrugged. Public reports of the transaction 5 did little to arrest the downward momentum as short interest continued its steady march upward.
Short interest in TPW currently sits at 8.36%, nearly double its 90-day average of 4.53%. The slope is steep, with consistent upward pressure over 7, 30, and 90 days. For context, the peer sector average is just 4.29%. The stock has plummeted 28.6% over three months and 61.9% over six months, leaving the share price at $5.27. While director buying often signals a bottom, the 30-day price-to-short correlation of -0.024 suggests the shorts are completely indifferent to Coulter's buying.
A 445% insider buy versus an 8.36% short position. Coulter has made his bet, but the short sellers are still holding the table.