As of Jan 15, 2004 there was 639,085 shares sold short according the Nasdaq. Before that date but during Jan. the pps dropped from a high of $26.09 down to a low of $17.02. The close on Jan 12 was 17.58. Since that time a little over 1.6m shares have been added to the short total and as of Jun. 15 we stood at 2,256,800 shares sold short according to the Nasdaq website. It is impossible (at least for me) to determine exactly how much churn has transpired with the shares sold short. It is possible that all of the shares bought in Jan, have been covered and new positions have been initiated. One thing I can determine, however, is that the best price possible that the new short positions could have been initiated is $18.01 in Jan., $17.45 in Feb., $17.69 in Mar., $14.05 in Apr., $12.65 in May, and $12.85 up to Jun. 15.
Again I don't know how much churn is taking place but there is very likely some. Since the monthly increases have been steady but a large number increase in Mar/Apr, I think there has been many positions initiated on the technical basis that we were in a prolonged downward trend.
Yesterdays action indicates the trend has reversed and it sure looks like shorts have begun covering...case in point the 175k buy at $13.38 at the close. course, that could have been someone looking to get in on a short squeeze too.
At least 1 million shares sold short since April will be under water at the $14. mark and probably many more than that. Most of those are already under water. Given avg daily volume reported by Nasdaq for 30 days prior to Jun. 15 as 157,800, I would say the shorts have a problem here if we continue to move north come Monday.
well if those large orders were short covering that doesn't mean the whole days trading was short covering. The big boys can often get out before the squeeze so it would not be surprising. I don't think there is enough pressure on shorts to cause a real squeeze until we hit about $14. and then it would most likely be small retail investors that get the pinch. It could happen today since it looks like we are headed up in pre-market. If we close near highs and over $14. we could get the squeeze tomorrow a.m. when the margin calls kick in. good luck...go plnr
Between 4/10/03 and 5/30/03 PLNR climbed from 10.57 to 20.74. About 5 days into the rally PLNR gapped to open at 14.33 from the previous close of 12.01. PLNR closed at 16.36, that day 4/17/03. The patterns of that period and the present look very similar to me.