I think you are right... To me it doesn't make sense, it will definitely short cover, but those people thinking it will hit 52 is misguided. If you look at it's price prior to Expe earnings it was 34.50. If you add all that in right now, it's already up 23%, which is roughly the same increase as expe after their earnings. Plus everyone is quoting the short interest back in Apr 13th... Which people probably already started to cover during the recently expe jump up. It had already jumped up 6% because of expe. I think in 2-3 days, this should be back under 40s.
I don't think institutional buyers will jump in for 23% higher. It will be hedge funds that were short that will buy, but not institutional buyers, which will then be replaced by shorters at higher prices... so turnover will be high, but it will go back down. I don't think earnings estimates basically justify this jump. Thank God it's not on the hard to borrow list yet. ;)