I believe that just as there are strong and weak hands in long positions, the same is true for the short positions. I think that many shorts have been jumping in on this believing the former behavior of SODA stock performance will happen again. Most of these new short positions are probably in weak hands just as many of the new longs that jumped in in the high 60s and 70s were weak long positions.
So, my sense is that at the first sign that SODA will renew its upward momentum, these new weak shorts will jump ship. With very few longs left to sell there will be a dramatic upward movement. When? Certainly before earnings as the smart shorts get out with the least damage.