It is speculators on the long side. This company is traded on the Amex, has no real employees, a 1/2 billion market cap almost, no mine, no plans for a mine, no proof that there is anything economically extractable, and real earth metals are in a price bubble right now and there is <1% chance they will sustain this price level or anything close to it by the time REE gets anything together. So, that's the short position in a nutshell.