Go back and look how they went last time they had a crack. To me they had to cover at much higher prices. Remember when the blue line in the top chart is going up, they are adding to their short positions (peaking around Jan 2023) when the share price was at a low, but by the time they'd covered most of them (March 2024), the share price had gone up to all time highs at the time. When they were doing most of their covering in June 2023, the share price was well above where they were selling in September/October 2022. Selling low and buying high is rarely a great wealth creation strategy...
The last time the price was at current levels (March 7) shorts were 21.8M compared to the most recent 39.9M. So whilst they've nearly doubled their short position (mostly at lower prices), the share price has gone nowhere.
For the record, they increased shorts by ~1.1M shares on the 15th of May which is pretty significant given an average daily turnover of ~2.5M shares.
Until they've bought all their shorts back (no doubt likely to push the price up further), they haven't made a cent. Don't buy the lie that shorters always know more and make money. Just ask those who've tried shorting CBA (aka the widowmaker trade)!
NXT Price at posting:
$13.36 Sentiment: Buy Disclosure: Held
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