Jul. 14 at 11:58 PM
$QXO
Short sellers were emboldened by the expanded float. 164M shares short now on 1.2M outstanding and 1.8M fully diluted. They got the liquidity they needed to continue pressing. 33% additional float immediately, of which we know a portion wanted to exit.
This will however reverse course now that these shares are finding firmer hands.
The short float percentage is now 13.6% technically, maybe higher as we’re pretty sure they pressed. It’s not 20%+ though, unless someone can show me that math on the new float. It’s even lower fully diluted.
Either way, it’s a strong percentage and the equity is already quite low, and the forward prospects are strong.
Wonder when these shorts are going to move on.
