As requested, here's an earlier post I shared on another thread that I'm happy to keep updating and see what others think... Information sourced from Shortman.com.au. It looks like they update their charts around 1pm each day for those playing at home...
Two charts worth looking at. The first is from Shortman.com.au which shows (on delay), the level of shares in BET sold short. The second is the BET share price. You'll see there was a short squeeze in the week 8/2 to 15/2 as the BET share price rose. Shorters were forced to buy back ~3m shares and the share price rose from under 70c to 85c (over 20%). Short interest has been rising again to ~4.77m as of last Wednesday the 10th. The shorters seem really good at losing money so far and look like they're going to get squeezed again as the price rises above $1.00 again and they were going short in the low to mid 90's. Not quite a Gameshop scenario, but this could really take off again when they get forced to cover the shorts. Eventually, every share will need to be bought back and that's more than the recent daily average turnover...
The long and short of this (pun intended) is that the shorter(s) don't appear to be particularly sophisticated. They clearly seemed to have missed BET entering the All Ords (and the corresponding index buying) and also appeared to misjudge the Sportstech acquisition last year. Their apparent strategy is to sell high and buy low. Given the potential for multiple announcements coming with Matt Tripp on board, they either have more dollars than sense or balls of steel hoping this thing will fall below what they shorted at. Perhaps they are still waiting for 58c? They are certainly susceptible to a short squeeze given they are short over 5m shares now (roughly an average day's volume).
