This is nothing more than short covering and collecting cheap shares. The PPS will go up when the hedge funds are ready, then when it peaks, they will short again as the cycle goes on. Longs need to forget about today unless they are buying more.
Short covering makes the stock price go up, not down.
Only when there is panic short covering when the shorts are over whelm by good news and can't control the increase in buying. This is a controlled covering, the shorts control the buying and selling thur the funds not the small investors like us.