Days to cover has gone down from 25 (more favorable in short squeeze) to 11.
Shares Outstanding 16,013,000
Shares Short* 5,567,293
Short Interest as a % of Shares Outstanding* 34.77%
Days to Cover 11.58
Shares outstanding includes institution and insider ownership. The "Days to Cover" ratio decreased because the average volume doubled. Keep in mind the number shares shorted have wend up 3%! Here are the real numbers:
Short Interest (Shares Short): 5,567,300
Days To Cover (Short Interest Ratio): 11.6
Short Percent of Float: 85.65 %
Short Interest - Prior: 5,407,200
Short % Increase / Decrease: 2.96
I placed that banner piggyface, It was true and probably still is for my brokerage house IB. Here's the reason "You 'borrow' shares from your broker" if they don't have shares to lend you then there are none to be shorted. I can't speak for all brokerage houses only the one's I have access to. Finally new shorts have no effect on the shares already shorted in other words the shares already shorted must be returned. If the brokerage house calls them in, the person who shorted has to buy them. That's what creates the squeeze.
Dont confuse shares outstanding with the public float. Insiders own 51% (or more now) of the 16.1m shares outstanding, so that would leave a little under 8 million and then institutions who own 5% or more own another 1.2m or so, knocking the public float down to 6,85m (verify at Yahoo Finance). Sources vary in how that calculate the float and some may be using stale figures, but we know its somewhere between 75 and 85.65% of the float that is sold short