The huge short position seems to control the trade. Not a shock because since going public, this has been a shorter's dream; every rally quickly fails and becomes a lower low, etc.
I traded a stock - Invision - about 12 or 13 years ago that traded like VELT - for years every rally failed quickly, etc. When its sector - airport security- turned due to the tragedy of 9/11/2001, boy did it turn and GE bought them few years later for a nice 10X for the patient. VELT is more stock specific, because the sector seems fine, but I think some event, probably a good projection, will shake out the shorts and break the downtrend.