BAP shorts hit the eject button — while BOE and IPX crash the top 10

This Month's Analysis

BAP was the month’s cleanest short capitulation: 7.80% short down to 2.03% (a 3-week falling streak) while the stock ripped +85.71% over the month to $0.84. That’s not “sentiment improving”. That’s shorts buying stock back, fast. [ref-1] [ref-2]

DRO stayed #1 at 14.80% short after a -0.56% weekly trim, but it’s still a crowded exit at 14.9 days-to-cover. The price didn’t help shorts either: DRO finished at $1.62 for the week (-6.63%). [ref-1] [ref-3] LOT remains #2 at 13.00% short, but it was the biggest release valve inside the top 10 this week: -2.03% WoW, while the stock jumped +15.91% to $0.26. Covering into strength is the cleanest read. [ref-1] [ref-4] The reshuffle matters. Three names were marked NEW TO TOP 10: BOE at 12.63% (+2.83% WoW), IPX at 12.62% (+2.35% WoW) and TLX at 10.71% (+0.30% WoW). [ref-1] If you’re hunting squeeze mechanics, it’s not the percentage — it’s the exit. DMP (11.93%) sits on 26.1 days-to-cover, TWE (10.89%) on 26.8, and IPX on 20.1. Those are positions that can’t leave quietly if the narrative turns. [ref-1]

Movers Analysis

The most aggressive fresh build was AYA: 2.15% → 7.12% (+4.97%) on a 2-week streak, while the share price still rose +9.07% on the week to $3.97. That’s shorts fading a rally, not chasing a breakdown — and it landed after AYA’s FY26 results and operational update presentation. [ref-1] [ref-5] [ref-6] SXE is the other campaign worth respecting: 0.31% → 2.96% (+2.65%) and a 6-week streak of shorts adding — even as the stock jumped +18.10% on the week to $4.96. When shorts keep adding into a rising tape, they’re telling you they think the move is borrowable and temporary. [ref-1] [ref-7] Materials was noisy. CXO moved 0.23% → 3.53% (+3.29%) and that’s now a 4-week streak higher; the stock ended the week at $0.35 (-2.74%). PDI went 0.02% → 3.75% (+3.73%) in a single week, but with 18.2 days-to-cover — a big liquidity constraint for a brand-new position. [ref-1] [ref-8] [ref-9] On the unwind side, HLS was a sustained exit: 8.42% → 3.23% (-5.18%) on an 8-week streak lower, with the stock down -19.10% on the week to $0.36. That reads less like a squeeze and more like shorts banking a win and reducing exposure. [ref-1] [ref-10] And then there’s BAP: 7.80% → 2.03% (-5.77%) with only 1.2 days-to-cover remaining. Whatever the catalyst was, the positioning has already moved. [ref-1] [ref-2]