Shorts are still in the money though. If you look at the data,...

Shorts are still in the money though. If you look at the data, the first lot of real shorting was in June/July 2020 after it spiked to $1.20-$1.30 from $0.90 based on Rosewell and San Antonio drilling. About 2% of ALK shorted. This did not really move until early September 2020 when the short position from 2% to 3.5% by months end 4% soon after.The share price at the time was $1.40-$1.50 and got sold back down to $1.25. The next big move in shorts 4% to 5% and then to 5.8% occurred when the price fell from $1.40 to below $1.00. The move to over 6% occurred when the the price was below $1.00 the current short-covering would this lot, I figure. Therefore, 5.5% would be averaging well over $1.30 - so still in the money.

Cheers