What counts as a short squeeze in this study?

An episode is counted as squeezed when the stock's close rose 40% or more over the window AND short interest fell 30% or more over the same window. A 40%+ rise without that drop in short interest is counted as a rise, not a squeeze.

What counts as a crowded short?

Crowded means FINRA short interest reached 10% of shares outstanding, using the last share count filed before entry. Shares outstanding is used instead of float because no feed carries historical float.

Is the early-2021 meme period included?

No. The stored series begins with entries in September 2021, so the early-2021 short-interest episodes are not in the study and no rate on the page describes them.

When does each episode start?

Entry is the first session after FINRA published the short-interest reading, never the settlement session, because nobody could see the number before publication.

What are the rates compared against?

Every rate is shown beside lightly shorted stocks, under 5% of shares outstanding, in the same universe over the same windows. Delisted listings are included.

What does 'too few to read' mean?

A group with fewer than 30 episodes shows no rate at all, and a group whose rate moves 10 points or more between the first and second half of its episodes is tagged unstable across periods.

Short interest

What happened next to stocks whose short interest reached 10% of shares outstanding — counted over stored episodes, each rate beside a lightly shorted control. Every number here is a frequency from the past. None of it is a read on any stock today.

Data through the 2026-10-15 FINRA settlement · 21,466 graded episodes since 2021-09

Crowded shorts moved both tails

Crowded · 21,466 episodes Lightly shorted · 45,382

Rose 40%+

includes the squeezed rows below

23% crowded

12% light

n 21,466 crowded · 45,382 lightly shorted

Squeezed

rose 40%+ AND short interest fell 30%+

5% crowded

2% light

n 21,466 crowded · 45,382 lightly shorted

Shorts quietly left

covered without the rise

15% crowded

16% light

n 21,466 crowded · 45,382 lightly shorted

Fell 20%+

max drawdown from entry

39% crowded

22% light

n 21,466 crowded · 45,382 lightly shorted

Neither

no 40% rise, no 20% fall

23% crowded

51% light

n 21,466 crowded · 45,382 lightly shorted

Crowded shorting moved the frequency of both big outcomes, not one of them: over 60 sessions a 40%+ rise ran 23% against 12% for lightly shorted stocks, and a 20%+ fall ran 39% against 22%. The strict squeeze — the rise with shorts actually leaving — happened in 5% of them.

Counted over stored episodes since 2021-09. Frequencies of what already happened, per cohort — no statement about any stock today.

The map of every cell

Each bubble is one short-interest × days-to-cover cell over 60 sessions, sized by episodes counted. Blue dots are the readings from the 2026-10-15 FINRA settlement, placed at their cell — the cell's history, never a read on the stock. 1 cell carry no rates at all — too few episodes, or rates that changed between periods — so they are marked hollow in the corner rather than plotted, and receive no dots: 20-30% · 10+ (changed between periods). Axes span the observed range (5–35% across, 15–55% up), not 0–100.

Three things the numbers do not support

More days to cover did not mean more squeezes

under 2 days10%

n 5,830 · squeezed

2-5 days4%

n 5,388 · squeezed

5-10 days3%

n 5,973 · squeezed

10+ days2%

n 4,275 · squeezed

The squeeze frequency ran highest in the LOWEST days-to-cover band and flattened as the band rose. Lightly shorted stocks: 2% (n 45,382).

Most big rises happened without shorts leaving

shorts did not fall66%

n 3,254 · of the 40%+ rises

fell 15-30%13%

n 620 · of the 40%+ rises

fell 30%+21%

n 1,027 · of the 40%+ rises

Of the 4,904 episodes that rose 40%+, this is how far short interest actually fell over the same 60 sessions. The share where shorts barely moved is the largest of the three.

The volatility band separated the outcomes more than the short size

over 80% vol8%

n 8,523 · squeezed

40-80% vol3%

n 8,979 · squeezed

under 40% vol1%

n 2,736 · squeezed

Grouped by the 20-session annualised volatility measured before entry. Lightly shorted stocks: 2% (n 45,382).

Today's most shorted

Ticker						Cell	What happened to that cell (rose 40%+ · squeezed · fell 20%+ · n)
SRZN HealthDistressedValuationExpensiveBusinesstoo little history	95.7%	41.9%	4.77	rose	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
GOSS HealthDistressedValuationCheap-lookingBusinessnot stored	89.2%	23.5%	5.12	flat	not in IB book	20-30% · 5-10	28%	4%	42% n 750
CDTG HealthDistressedValuationCheap-lookingBusinessdeclining	84.9%	34.5%	1.00	rose	not in IB book	30%+ · <2	26%	10%	37% n 2,179
ZBIO HealthDistressedValuationExpensiveBusinesstoo little history	82.1%	19.2%	18.83	flat	not in IB book	15-20% · 10+	19%	2%	35% n 938
WCT HealthFragileValuationCheap-lookingBusinessdeclining	80.4%	13.1%	1.00	fell	not in IB book	10-15% · <2	30%	10%	34% n 1,782
TRUG HealthDistressedValuationCheap-lookingBusinessdecelerating	80%	79.1%	1.00	rose	not in IB book	30%+ · <2	26%	10%	37% n 2,179
TGL HealthFragileValuationCheap-lookingBusinessaccelerating	75.8%	70.6%	1.00	rose	not in IB book	30%+ · <2	26%	10%	37% n 2,179
WFF HealthMixedValuationCheap-lookingBusinesstoo little history	74.7%	23.7%	1.00	rose	not in IB book	20-30% · <2	26%	8%	38% n 1,018
SMR HealthFragileValuationExpensiveBusinessdeclining	70.4%	68.4%	2.65	flat	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
GRPN HealthFragileValuationCheap-lookingBusinessdeclining	68.3%	30.9%	15.45	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
LCID HealthDistressedValuationFair rangeBusinessaccelerating	65.4%	31.4%	9.70	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
UWMC HealthDistressedValuationFair rangeBusinessaccelerating	64.9%	55.3%	6.51	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
WYFI HealthFragileValuationFair rangeBusinessdeclining	58.9%	14.3%	3.73	flat	not in IB book	10-15% · 2-5	21%	2%	41% n 2,371
PRME HealthFragileValuationExpensiveBusinesstoo little history	55.3%	18.1%	5.52	flat	0.37%	15-20% · 5-10	22%	3%	39% n 1,085
SHOE HealthStrongValuationFair rangeBusinessdeclining	55.1%	36.4%	10.41	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
IPX HealthFragileValuationPre-revenueBusinesstoo little history	54.4%	43.1%	4.23	flat	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
EHGO HealthDistressedValuationCheap-lookingBusinessturning	54.2%	38.7%	1.00	fell	not in IB book	30%+ · <2	26%	10%	37% n 2,179
INFQ HealthFragileValuationPre-revenueBusinesstoo little history	52.8%	12.6%	3.89	flat	not in IB book	10-15% · 2-5	21%	2%	41% n 2,371
KRMN HealthSolidValuationExpensiveBusinessaccelerating	51%	11.4%	5.26	flat	not in IB book	10-15% · 5-10	18%	2%	36% n 3,057
FLNC HealthDistressedValuationCheap-lookingBusinessdecelerating	50.4%	25.2%	6.14	flat	not in IB book	20-30% · 5-10	28%	4%	42% n 750
ONDS HealthSolidValuationExpensiveBusinessaccelerating	47.6%	43.6%	4.57	flat	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
BTDR HealthDistressedValuationFair rangeBusinessaccelerating	47%	26.4%	6.43	flat	not in IB book	20-30% · 5-10	28%	4%	42% n 750
GRRR HealthDistressedValuationCheap-lookingBusinessmixed	46.9%	44.3%	4.66	rose	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
MAZE HealthDistressedValuationPre-revenueBusinesstoo little history	46.9%	13.6%	10.09	flat	not in IB book	10-15% · 10+	17%	1%	36% n 1,971
ABEO HealthDistressedValuationExpensiveBusinesstoo little history	46.7%	30.1%	12.70	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
CRML HealthFragileValuationExpensiveBusinessaccelerating	45.3%	21%	5.46	flat	not in IB book	20-30% · 5-10	28%	4%	42% n 750
MEDS HealthDistressedValuationFair rangeBusinessturning	45.3%	10.6%	1.00	flat	not in IB book	10-15% · <2	30%	10%	34% n 1,782
CCCC HealthDistressedValuationExpensiveBusinessaccelerating	45.2%	34.7%	16.95	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
MMEDV HealthFragileValuationCheap-lookingBusinessnot stored	44.9%	43.6%	801.13	unread	not in IB book	30%+ · 10+	21%	5%	47% n 710
QTTB HealthSolidValuationCheap-lookingBusinessnot stored	44.4%	19%	5.25	rose	not in IB book	15-20% · 5-10	22%	3%	39% n 1,085
BETR HealthDistressedValuationFair rangeBusinessmixed	43.9%	27.9%	3.29	flat	not in IB book	20-30% · 2-5	26%	5%	46% n 717
SOUN HealthFragileValuationExpensiveBusinessslowing from high	42.6%	38.5%	10.05	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
NUAI HealthDistressedValuationExpensiveBusinesstoo little history	42.1%	29.3%	3.14	flat	not in IB book	20-30% · 2-5	26%	5%	46% n 717
TAL HealthStrongValuationCheap-lookingBusinessmixed	41.3%	31.2%	6.92	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
CSIQ HealthDistressedValuationCheap-lookingBusinessdeclining	40.9%	28.6%	13.58	flat	not in IB book	20-30% · 10+	changed between periods
NGNE HealthFragileValuationPre-revenueBusinesstoo little history	40.6%	32.2%	14.36	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
PPCB HealthDistressedValuationPre-revenueBusinesstoo little history	40.4%	22.2%	1.00	fell	not in IB book	20-30% · <2	26%	8%	38% n 1,018
METC HealthDistressedValuationCheap-lookingBusinessturning	39.9%	32.6%	7.69	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
EROC HealthSolidValuationExpensiveBusinesstoo little history	39.9%	23.8%	3.58	flat	not in IB book	20-30% · 2-5	26%	5%	46% n 717
CLBK HealthSolidValuationExpensiveBusinessmixed	39.8%	10.1%	6.69	flat	not in IB book	10-15% · 5-10	18%	2%	36% n 3,057
RH HealthStrongValuationExpensiveBusinessdecelerating	39.5%	28.8%	6.12	flat	not in IB book	20-30% · 5-10	28%	4%	42% n 750
SERV HealthMixedValuationExpensiveBusinessaccelerating	39.4%	36%	10.43	flat	not in IB book	30%+ · 10+	21%	5%	47% n 710
EOSE HealthDistressedValuationFair rangeBusinessslowing from high	39.1%	38.5%	4.70	flat	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
SPCE HealthDistressedValuationExpensiveBusinessdeclining	39.1%	30.4%	7.10	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
GEMI HealthDistressedValuationCheap-lookingBusinessdecelerating	39%	29.2%	7.21	flat	not in IB book	20-30% · 5-10	28%	4%	42% n 750
RXRX HealthFragileValuationExpensiveBusinessmixed	38.8%	30.2%	4.44	flat	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426
NNE HealthFragileValuationFair rangeBusinesstoo little history	38.4%	32.1%	7.77	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
RDW HealthDistressedValuationFair rangeBusinessaccelerating	37.9%	19.5%	3.67	flat	not in IB book	15-20% · 2-5	29%	4%	42% n 874
HTZ HealthDistressedValuationCheap-lookingBusinessaccelerating	float stale · see outstanding	40.1%	5.92	flat	not in IB book	30%+ · 5-10	21%	5%	45% n 1,081
USAR HealthFragileValuationFair rangeBusinesstoo little history	float stale · see outstanding	38.8%	3.53	flat	not in IB book	30%+ · 2-5	21%	5%	48% n 1,426

SRZN95.7% of float

41.9% of outstanding · 4.77 days to cover · rose vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthDistressedValuationExpensiveBusinesstoo little history

GOSS89.2% of float

23.5% of outstanding · 5.12 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 5-10

rose 40%+ 28% · squeezed 4% · fell 20%+ 42% n 750

HealthDistressedValuationCheap-lookingBusinessnot stored

CDTG84.9% of float

34.5% of outstanding · 1.00 days to cover · rose vs prior · borrow not in IB book

Cell 30%+ · <2

rose 40%+ 26% · squeezed 10% · fell 20%+ 37% n 2,179

HealthDistressedValuationCheap-lookingBusinessdeclining

ZBIO82.1% of float

19.2% of outstanding · 18.83 days to cover · flat vs prior · borrow not in IB book

Cell 15-20% · 10+

rose 40%+ 19% · squeezed 2% · fell 20%+ 35% n 938

HealthDistressedValuationExpensiveBusinesstoo little history

WCT80.4% of float

13.1% of outstanding · 1.00 days to cover · fell vs prior · borrow not in IB book

Cell 10-15% · <2

rose 40%+ 30% · squeezed 10% · fell 20%+ 34% n 1,782

HealthFragileValuationCheap-lookingBusinessdeclining

TRUG80% of float

79.1% of outstanding · 1.00 days to cover · rose vs prior · borrow not in IB book

Cell 30%+ · <2

rose 40%+ 26% · squeezed 10% · fell 20%+ 37% n 2,179

HealthDistressedValuationCheap-lookingBusinessdecelerating

TGL75.8% of float

70.6% of outstanding · 1.00 days to cover · rose vs prior · borrow not in IB book

Cell 30%+ · <2

rose 40%+ 26% · squeezed 10% · fell 20%+ 37% n 2,179

HealthFragileValuationCheap-lookingBusinessaccelerating

WFF74.7% of float

23.7% of outstanding · 1.00 days to cover · rose vs prior · borrow not in IB book

Cell 20-30% · <2

rose 40%+ 26% · squeezed 8% · fell 20%+ 38% n 1,018

HealthMixedValuationCheap-lookingBusinesstoo little history

SMR70.4% of float

68.4% of outstanding · 2.65 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthFragileValuationExpensiveBusinessdeclining

GRPN68.3% of float

30.9% of outstanding · 15.45 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthFragileValuationCheap-lookingBusinessdeclining

LCID65.4% of float

31.4% of outstanding · 9.70 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthDistressedValuationFair rangeBusinessaccelerating

UWMC64.9% of float

55.3% of outstanding · 6.51 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthDistressedValuationFair rangeBusinessaccelerating

WYFI58.9% of float

14.3% of outstanding · 3.73 days to cover · flat vs prior · borrow not in IB book

Cell 10-15% · 2-5

rose 40%+ 21% · squeezed 2% · fell 20%+ 41% n 2,371

HealthFragileValuationFair rangeBusinessdeclining

PRME55.3% of float

18.1% of outstanding · 5.52 days to cover · flat vs prior · borrow 0.37%

Cell 15-20% · 5-10

rose 40%+ 22% · squeezed 3% · fell 20%+ 39% n 1,085

HealthFragileValuationExpensiveBusinesstoo little history

SHOE55.1% of float

36.4% of outstanding · 10.41 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthStrongValuationFair rangeBusinessdeclining

IPX54.4% of float

43.1% of outstanding · 4.23 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthFragileValuationPre-revenueBusinesstoo little history

EHGO54.2% of float

38.7% of outstanding · 1.00 days to cover · fell vs prior · borrow not in IB book

Cell 30%+ · <2

rose 40%+ 26% · squeezed 10% · fell 20%+ 37% n 2,179

HealthDistressedValuationCheap-lookingBusinessturning

INFQ52.8% of float

12.6% of outstanding · 3.89 days to cover · flat vs prior · borrow not in IB book

Cell 10-15% · 2-5

rose 40%+ 21% · squeezed 2% · fell 20%+ 41% n 2,371

HealthFragileValuationPre-revenueBusinesstoo little history

KRMN51% of float

11.4% of outstanding · 5.26 days to cover · flat vs prior · borrow not in IB book

Cell 10-15% · 5-10

rose 40%+ 18% · squeezed 2% · fell 20%+ 36% n 3,057

HealthSolidValuationExpensiveBusinessaccelerating

FLNC50.4% of float

25.2% of outstanding · 6.14 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 5-10

rose 40%+ 28% · squeezed 4% · fell 20%+ 42% n 750

HealthDistressedValuationCheap-lookingBusinessdecelerating

ONDS47.6% of float

43.6% of outstanding · 4.57 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthSolidValuationExpensiveBusinessaccelerating

BTDR47% of float

26.4% of outstanding · 6.43 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 5-10

rose 40%+ 28% · squeezed 4% · fell 20%+ 42% n 750

HealthDistressedValuationFair rangeBusinessaccelerating

GRRR46.9% of float

44.3% of outstanding · 4.66 days to cover · rose vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthDistressedValuationCheap-lookingBusinessmixed

MAZE46.9% of float

13.6% of outstanding · 10.09 days to cover · flat vs prior · borrow not in IB book

Cell 10-15% · 10+

rose 40%+ 17% · squeezed 1% · fell 20%+ 36% n 1,971

HealthDistressedValuationPre-revenueBusinesstoo little history

ABEO46.7% of float

30.1% of outstanding · 12.70 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthDistressedValuationExpensiveBusinesstoo little history

CRML45.3% of float

21% of outstanding · 5.46 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 5-10

rose 40%+ 28% · squeezed 4% · fell 20%+ 42% n 750

HealthFragileValuationExpensiveBusinessaccelerating

MEDS45.3% of float

10.6% of outstanding · 1.00 days to cover · flat vs prior · borrow not in IB book

Cell 10-15% · <2

rose 40%+ 30% · squeezed 10% · fell 20%+ 34% n 1,782

HealthDistressedValuationFair rangeBusinessturning

CCCC45.2% of float

34.7% of outstanding · 16.95 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthDistressedValuationExpensiveBusinessaccelerating

MMEDV44.9% of float

43.6% of outstanding · 801.13 days to cover · unread vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthFragileValuationCheap-lookingBusinessnot stored

QTTB44.4% of float

19% of outstanding · 5.25 days to cover · rose vs prior · borrow not in IB book

Cell 15-20% · 5-10

rose 40%+ 22% · squeezed 3% · fell 20%+ 39% n 1,085

HealthSolidValuationCheap-lookingBusinessnot stored

BETR43.9% of float

27.9% of outstanding · 3.29 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 2-5

rose 40%+ 26% · squeezed 5% · fell 20%+ 46% n 717

HealthDistressedValuationFair rangeBusinessmixed

SOUN42.6% of float

38.5% of outstanding · 10.05 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthFragileValuationExpensiveBusinessslowing from high

NUAI42.1% of float

29.3% of outstanding · 3.14 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 2-5

rose 40%+ 26% · squeezed 5% · fell 20%+ 46% n 717

HealthDistressedValuationExpensiveBusinesstoo little history

TAL41.3% of float

31.2% of outstanding · 6.92 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthStrongValuationCheap-lookingBusinessmixed

CSIQ40.9% of float

28.6% of outstanding · 13.58 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 10+

changed between periods

HealthDistressedValuationCheap-lookingBusinessdeclining

NGNE40.6% of float

32.2% of outstanding · 14.36 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthFragileValuationPre-revenueBusinesstoo little history

PPCB40.4% of float

22.2% of outstanding · 1.00 days to cover · fell vs prior · borrow not in IB book

Cell 20-30% · <2

rose 40%+ 26% · squeezed 8% · fell 20%+ 38% n 1,018

HealthDistressedValuationPre-revenueBusinesstoo little history

METC39.9% of float

32.6% of outstanding · 7.69 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthDistressedValuationCheap-lookingBusinessturning

EROC39.9% of float

23.8% of outstanding · 3.58 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 2-5

rose 40%+ 26% · squeezed 5% · fell 20%+ 46% n 717

HealthSolidValuationExpensiveBusinesstoo little history

CLBK39.8% of float

10.1% of outstanding · 6.69 days to cover · flat vs prior · borrow not in IB book

Cell 10-15% · 5-10

rose 40%+ 18% · squeezed 2% · fell 20%+ 36% n 3,057

HealthSolidValuationExpensiveBusinessmixed

RH39.5% of float

28.8% of outstanding · 6.12 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 5-10

rose 40%+ 28% · squeezed 4% · fell 20%+ 42% n 750

HealthStrongValuationExpensiveBusinessdecelerating

SERV39.4% of float

36% of outstanding · 10.43 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 10+

rose 40%+ 21% · squeezed 5% · fell 20%+ 47% n 710

HealthMixedValuationExpensiveBusinessaccelerating

EOSE39.1% of float

38.5% of outstanding · 4.70 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthDistressedValuationFair rangeBusinessslowing from high

SPCE39.1% of float

30.4% of outstanding · 7.10 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthDistressedValuationExpensiveBusinessdeclining

GEMI39% of float

29.2% of outstanding · 7.21 days to cover · flat vs prior · borrow not in IB book

Cell 20-30% · 5-10

rose 40%+ 28% · squeezed 4% · fell 20%+ 42% n 750

HealthDistressedValuationCheap-lookingBusinessdecelerating

RXRX38.8% of float

30.2% of outstanding · 4.44 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthFragileValuationExpensiveBusinessmixed

NNE38.4% of float

32.1% of outstanding · 7.77 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthFragileValuationFair rangeBusinesstoo little history

RDW37.9% of float

19.5% of outstanding · 3.67 days to cover · flat vs prior · borrow not in IB book

Cell 15-20% · 2-5

rose 40%+ 29% · squeezed 4% · fell 20%+ 42% n 874

HealthDistressedValuationFair rangeBusinessaccelerating

HTZ40.1% of shares outstanding (float stale)

40.1% of outstanding · 5.92 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 5-10

rose 40%+ 21% · squeezed 5% · fell 20%+ 45% n 1,081

HealthDistressedValuationCheap-lookingBusinessaccelerating

USAR38.8% of shares outstanding (float stale)

38.8% of outstanding · 3.53 days to cover · flat vs prior · borrow not in IB book

Cell 30%+ · 2-5

rose 40%+ 21% · squeezed 5% · fell 20%+ 48% n 1,426

HealthFragileValuationFair rangeBusinesstoo little history

Top 50 by short % of float from the 2026-10-15 FINRA settlement. The cell is keyed on the OUTSTANDING percent (the study's own basis — it has no historical float), and days to cover is FINRA's own figure for that settlement, which is the same number the study bands. The three history columns always render together with their n, and cannot be sorted on. Borrow fee is Interactive Brokers' book, read daily — a newer vintage than the settlement, blank where that book has no record. Rates are 60-session frequencies for the cell, never a read on the stock.

Excluded from this list: 18 readings whose short interest exceeded the shares outstanding — the FINRA symbol and the filed share count disagree there, so no percent from them is real (BBCI, SCNI, LBGJ, MI, PUR, AMTD, NIVF, AIXI…). A further 13 show float as unavailable because the float count implied more than 100% short — the outstanding basis that keys their cell is still sound.

How this is measured

What counts as crowded: Crowded means FINRA short interest reached 10% of shares OUTSTANDING (the last quarter filed before entry) — never float, because the study has no historical float.
When the clock starts: Entry is the first session AFTER FINRA published the reading, never the settlement session — nobody could act on it before publication.
What the outcomes mean: Measured over the window from that entry close: rose 40%+ (max close gain), squeezed (rose 40%+ AND short interest fell 30%+), shorts quietly left (cover without the rise), fell 20%+ (max drawdown), neither.
Compared with what: Every rate is shown beside lightly shorted stocks (under 5% of outstanding) over the same windows — the control answers "compared with what".
What this study is not: The stored series begins 2021-09; the early-2021 episodes are not in it. Short interest reaching 10% of outstanding is rare in large caps, so this is a small/mid-cap study by construction.

Short-interest data through the 2026-10-15 FINRA settlement; episode counts last recounted 2026-10-27. Full methodology