Correct, an increase in short positions generally coincides with a drop in share price due to their downward pressure; you can look at historical examples such as lithium miners (e.g. PLS, GXY) and A2M to name some.
Shortman had PNV's net short position at Jul 27 at 5.03% (roughly 33m shorts), fast forward a month to Aug 24 and we are at 6.02% (~39.7m short positions), the highest it has ever been was 6.6% on Aug 19th. You can see what effect that has had on the SP.
Short's right now are nearly twice as high as they were during the well-publicized shorting event (~3% back in January) that Regal was so outspoken about. Unfortunately this kind of behaviour will continue to persist, we are a much bigger and well-known company than we used to be, and being in the ASX200 attracts this kind of attention.
Short Activity in PNV, page-72
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Last
$2.09 |
Change
0.080(3.98%) |
Mkt cap ! $1.442B | |||
| Open | High | Low | Value | Volume |
| $2.03 | $2.09 | $2.03 | $1.476M | 710.6K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 5010 | $2.08 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.09 | 135016 | 10 |
View Market Depth
| Last trade - 16.10pm 03/05/2024 (20 minute delay) ? |
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Last
$2.09 |
Change
0.080 ( 3.33 %) |
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| Open | High | Low | Volume | ||
| $2.03 | $2.09 | $2.03 | 302647 | ||
| Last updated 15.59pm 03/05/2024 ? | |||||
| PNV (ASX) Chart |