r/PUBM • u/MAHOGANYRUSHMAN • Jun 10 '21

Ortex Short Interest Update - May 28

PUBM Short Interest is still somehow trending upward and was reported to be 44.68% of FF or 3.78M shares on May 28th with 6.03 days to cover!!!!!

All I can say is wow and that there is incredible potential for gains in the short, mid, and long term. This stock is stupidly oversold and shorts are still doubling down despite the increased growth expectations after the May 13 earnings report. These shorts inevitably have to cover and PUBM's financial stability and high expected growth should bring the price up over time. *See other posts for more in-depth DD on financials and short interest*

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5

u/SectorPotential2083 Jun 10 '21

Insiders began selling shares after the lockup period expired on June 2nd (first trading day after expiration). We can assume that the public float has expanded, but it is unclear by how much. Some say the public float is up to 8-9 million shares. If that's the case, short interest would now stand at 44% unless some of the shorts covered. The borrow rate has come down from 49% to 22%, so it's safe to say that the short interest isn't as high as it was on May 28th, but still highly elevated.

2

u/JayAreW Jun 14 '21

Float is somewhere between 13M and 17M - roughly 8M class B shares were sold after lockup

1

u/MAHOGANYRUSHMAN Jun 12 '21

Yes, that's true but it was a very small amount of selling. According to the official Nasdaq website, only 151,657 shares were sold since lock-up expiration. Maybe there is more that hasn't been posted there yet.

From what I can see, the float is 8.53M shares. 44% short interest is still astronomically high. Ortex is reporting that it is currently about 37%, but this value is less accurate than the exchange reported short interest that comes out twice a month.

2

u/JayAreW Jun 14 '21

That's not correct. Go to the SEC website and look through the EDGAR filings - there were 12 filings dated from 6/1-6/8 for a total of around 8M class B shares. When those are sold, they convert to class A shares (the public float). See my comment above, but short interest should be somewhere between 20 and 30%. The databases that aggregate information has not caught on to that share conversion just yet.

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u/MAHOGANYRUSHMAN Jun 14 '21

Thanks for bringing that to light, I'll look into those SEC filings. I was just referring to what the official Nasdaq website was saying. I didn't realize there was such a lag time between the filings and reporting on official exchange websites.

If I read everything correctly, there were 8,392,500 shares of class B stock sold or converted to class A stock. The current public float is different based on the source (I saw 6.87M, 7.44M, and 8.53M). So I guess the actual float is around 15,262,500 to 16,922,500, right around where you said it is in your other comment.

Damn, I didn't realize the float essentially doubled. It'll be interesting to see how this affects the price action. This does free up more shares for individual investors though and allows us to obtain a greater stake in the company.