The bad part about being the most shorted stock is that everyone is betting against you. The good part about being the most shorted stock is that the shorts have to buy the stock to cover. It's not a great time to buy but it's a better time to buy than it is to already own.
If I owned this stock, I'd hold. I think it'll go back to $8.50 this summer. With that being said, I don't own any of this stock and I don't plan on buying at this time (I'm doing my DD right now)