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Ondas Holdings Short Interest Rises to 40%

Welcome to this week's installment of "The Short Interest Report" - The Fly's weekly recap of short interest trends among some of the most widely followed high-short-float stocks. Using the data from our partner, which utilizes the latest information from stock lenders to estimate short interest changes for thousands of publicly traded companies, this report will screen for some of biggest changes in short interest as a percentage of free float and days-to-cover ratios while also considering the short interest data on some of the more volatile and heavier-traded names of the week. Based on the availability of data from Ortex, the report tracks the trading period that covers prior Friday through Thursday of this week, excluding holidays. As a basis of comparison for stocks discussed below, the S&P 500 index was up 0.8%, the Nasdaq Composite was up 1.5%, the Russell 2000 index was down 0.1%, the Russell 2000 Growth ETFwas up 0.5% and the Russell 2000 Value ETFwas down 0.8% in the four-day trading session range through July 9.SHORT INTEREST GAINERSOrtex-reported short interest in Ondas Holdingshad troughed at a four-month low around 28% in mid-June but has since gained more briskly, topping a record high of 40% this week just as the stock has faltered. Days to cover on the name also increased, going up from 2.7 to 3.1 despite the notable pickup in trading volume in the second half of June and thus far into July. The stock was up 3.2% in the four-day period through Thursday before Friday's 5% decline, and shares have also now fallen 46% since the multi-month highs on June 2, as the company's announcement of its Cyberhawk acquisition and the update of a new autonomous defense systems launch has been met with more pronounced selling.Ortex-reported short interest in Quantum Computinghas climbed back above 32% of free float, recovering from the mid-20% range over the past several weeks and reaching the cusp of the highest levels seen this year during the final week of June at 33%. Similarly, days-to-cover increased modestly from roughly 3.0 to 3.2, suggesting short interest has grown while trading volumes have remained relatively stable after the surge in activity earlier this spring. Short sellers have continued to add exposure even as shares have consolidated following their retreat from May highs. This week, shares of Quantum were up about 1% through Thursday. The stock has declined roughly 35% from its May peak, yet bearish positioning has continued to build rather than unwind. The combination of renewed short selling, a short interest ratio above 30% of free float, and relatively modest days-to-cover suggests investor skepticism remains elevated, leaving the door open for a squeeze should the company deliver a meaningful positive catalyst.Ortex-reported short interest in NetSTREIThad troughed at a four-month low around 29% late last week but bounced for four consecutive sessions this week, rising from 29.2% to a two-week high of 34.3%. Similarly, days-to-cover had come in for multi-month highs around 27% in the final week of June to below 16% as trading volumes were accentuated by the bullish price action following the stock's admission into the S&P SmallCap 600 index on June 24. The outsized rally in shares is now mean-reverting, with the stock ending the four-day period through Thursday flat, though NetSTREIT shares are still up 21% year-to-date.Ortex-reported short interest in Tango Therapeuticshas rebounded to approximately 51% of free float from last week's 46%, reversing about four months of steady declines from peak short positioning above 80% of free float in early March. Days-to-cover on the name slid however from 8.0 to 7.5, reflecting June's elevated activity. As the stock rallied on positive clinical developments - most notably, the vopimetsotat plus daraxonrasib combination data released in early June - short sellers have started rebuilding positions despite shares continuing to trade near recent highs. The stock was up approximately 3.5% over the four-day period through Thursday and remained well above its pre-June breakout levels after more than doubling from its spring lows.SHORT INTEREST DECLINERSOrtex-reported short interest in Neurogenehas declined from nearly 60% to about 32% of free float, marking the first meaningful reduction in bearish positioning after remaining near record highs just under 80% for much of the year. Similarly, days-to-cover has contracted sharply from 20.1 to 17.9, reflecting both short covering and much greater trading activity volume over the recent two weeks. The stock is down 7% on Friday but rallied roughly 21% over the four-day period through Thursday and has now gained 94% year-to-date, with strong upswing on heavier volume explaining the more extreme short-covering.

Micron Technology Shares Rise 14.4%, Boosting Semiconductor Sector

The tech sector remained under pressure on Wednesday as investors continued to flock to the safety of counter-cyclical areas of the market such as Utilities and Health Care.  Energy lagged as continued signs of a Middle East de-escalation and progress in Strait of Hormuz reopening has pulled the price of WTI Crude Oil futures below $70 per barrel.The evening session and a blowout earnings report from Micronhas manifested a sea change in sentiment and the likelihood of a snap-back rally in the AI trade on Thursday.  Shares of the memory maker were up over 14%, nearly erasing all of yesterday's broadbased losses.  The strong results from Micron also put a bid under the other semiconductor and memory names.  Elsewhere, a robust medium-term outlook from Qualcommwith a higher non-handset revenue target of $40B further relieved the tensions regarding valuations in Semis.  Late in afterhours, S&P e-minis are up 10.6% and Nasdaq 100 contract is up 2.0%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Micronup 14.4%; Other semis and memory names broadly up in sympathy: Lam Researchup 6.5%, Rambusup 6.8%, Arm Holdingsup 6.7%, Sandiskup 11.1%, Western Digitalup 10.9%.Methode Electronics, Inc.up 14.4%ALSO HIGHER -Qualcommup 12.9% after disclosing medium-term targetsNETSTREITup 5.8% after entering S&P SmallCap 600 indexFormFactor, Inc.up 5.2% after being added to Russell 1000 indexDOWN AFTER EARNINGS -MillerKnolldown 4.9%Trip.com Group Limiteddown 4.3%H.B. Fullerdown 1.9%Jefferiesdown 1.6%ALSO LOWER -ARS Pharmaceuticalsdown 23.8% after commercial update on neffyTaysha Gene Therapiesdown 7.8% after equity offeringCG Oncology, Inc.down 5.4% after block trade

Oil Prices Surge to $90 per Barrel Amid Strait of Hormuz Tensions

Tensions in the Strait of Hormuz are percolating again as Iranian officials have walked back its messaging of a deal being reached and President Trump upped his bellicose rhetoric, stating that it is unlikely that Wednesday's deadline for ceasefire will be extended.  Oil prices jumped on the news toward $90 per barrel and Energy was the best performing sector in the S&P 500, though the impact on broader sentiment was relatively mild, with U.S. indices finishing lower by less than 0.3%.  Communication Services was the worst performing area of the market as Netflixremained weak after last week's post-earnings selloff and Metaalso turning in the worst performance among the MAG-7.In the opening hour of the evening session, index futures are more upbeat - S&P e-minis are up a decimal and Nasdaq 100 contract is up 0.2%.  Of note afterhours, Amazon.comhas continued its climb toward record highs after announcing an expanded investment in Anthropic.  Applemeanwhile is laying the groundwork for a leadership transition, announcing John Ternus will be the company's next CEO while  Tim Cook transitions to a role of Executive Chairman effective September 1.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -RBB Bancorpup 4.2%CNB Financialup 2.0%Flexsteel Industriesup 1.6%Steel Dynamicsup 0.5%NETSTREITup 0.5%ALSO HIGHER -Amazon.comup 2.6% after announcing expanded investment in AnthropicDOWN AFTER EARNINGS -Washington Trust Bancorpdown 7.1%Alaska Air Groupdown 5.4%Zions Bancorporationdown 3.0%AMCON Distributingdown 1.8%ALSO LOWER -Spruce Biosciencesdown 14.2% after equity offeringAXT, Inc.down 11.9% after Q1 pre-announcement, equity offeringApple (down 0.5% after announcing succession plan for CEO Cook