WT News & Events

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 0.5%, the Nasdaq Composite was up 0.3%, the Russell 2000 index was up 1.5%, the Russell 2000 Growth ETFwas up 1.7%, and the Russell 2000 Value ETFwas up 1.2% in the five-day trading session range through February 12.SHORT INTEREST GAINERSOrtex-reported short interest on WisdomTreesaw a four-month low of about 17% in the first week of December and remained within a 17%-19% band up until this week before spiking as high as 26% - a record high – with days to cover also rising modestly to 10.3 from 9.6. Similarly, the official exchange-reported data on the stock as of January-end saw shorts as a percentage of free float having already reached its own record high of nearly 23%. The stock is up 5.4% in the five-day period covered, though year-to-date, shares are up an impressive 34% - the highest return in the Asset Manager group - building the case for a correction.Ortex-reported short interest on Surgery Partnershas been on a gradual uptrend since October low around 18%, though this week, bearish positioning increase became much more pronounced. Shorts as a percentage of free float on the name jumped from 27.4% to 32.4% - the highest level since mid-July – as bears noted the strong 18% rebound in the stock from Monday's multi-month lows. For the week, Surgery Partners was up 15%, and year-to-date, the stock is now flat.Ortex-reported short interest in Upstartwas up every session but one from the five- month lows around 24% on February 2, rising to 27.8%. Bears are pressing their bets, with the stock deepening its selloff since reporting a disappointing Q4 earnings report on Tuesday. Shares are now at the lowest level since mid-2024, having fallen 13% in the five-day period covered through Thursday and also down 42% from early-January highs. Notably, Upstart saw some modest strength of about 2% on Friday as the stock received a valuation-driven upgrade from Goldman Sachs and as the Credit Services group re-rated after a brutal February selloff.Ortex-reported short interest on Concentrixis on the rise even as the stock has come under extreme pressure over the course of two consecutive days this week. Shorts as a percentage of free float in Concentrix had been trending higher since late February, though this week, the increased bearish positioning tripped the radar with an increase of over two percentage points, rising from 22.8% to 25.2% - the highest level since late October. For the week, the IT Solutions name was down 19%, and year-to-date, the stock is now down 27%, though this week's all-time lows in share are hardly proving to be a deterrent among the shorts.SHORT INTEREST DECLINERSShares of Under Armourhad been in a rut since late 2024, and 2025 was particularly unkind to the athletic apparel maker as its stock fell about 40%. 2026 has started off strong for the company however, forcing some notable large scale short-covering. This week, shorts as a percentage of free float in Under Armour fell from 32.8% all the way to 26% - the lowest level since mid-November. Days-to-cover on the name also slipped from 5.9 to a three-month low of 4.9. While the stock was already up over 30% heading into earnings last Friday, a much better than expected set of Q3 results along with the management's guidance raise catalyzed the rebound even further. Under Armour was up 12% in the five-day period through Thursday and has now gained over 44% year-to-date.

Robinhood shares falter on a revenue miss despite optimistic analyst coverage, while miner Canaan sees stock struggles amid strong earnings. Elsewhere, institutional giants like Goldman Sachs and Franklin Templeton adjust their strategies in the evolving digital asset landscape. Stay up on the crypto news that matters with "Crypto Currents," daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.ROBINHOOD SHARES DIP ON REVENUE MISS WHILE BERNSTEIN SEES UPSIDE:Shares of Robinhoodfell approximately 8% in after-hours trading Tuesday following a fourth-quarter revenue miss. The trading platform reported record net revenues of $1.28B, which fell short of Wall Street's $1.34B expectation. The shortfall was driven largely by a 38% year-over-year decline in crypto transaction revenue to $221M, as trading volumes on the core app dropped 52%. Despite the immediate sell-off, analysts at Bernstein maintained an Outperform rating with a $160 price target, characterizing the weakness as temporary "crypto jitters." The analysts highlighted that Robinhood's prediction markets reached new records and noted the company's planned expansion into tokenization. Separately,that Robinhood general manager Johann Kerbrat criticized the traditional T+1 stock settlement cycle as an "antiquated relic," advocating for instant settlement and confirming the company's push toward 24/7 trading via its new Ethereum Layer 2 blockchain.CANAAN STOCK SINKS DESPITE STRONG Q4 EARNINGS:Mining manufacturer Canaansaw it's shares drop roughly 7% on Tuesday, even. Revenue surged 121% year-over-year to $196.3M, driven by a 60% increase in computing power sales and a 98.5% jump in mining revenue. The company now holds a record 1,750 bitcoinin its treasury. However, the stock price slid to 56c, exacerbating fears regarding a potential Nasdaq delisting. The exchange has warned Canaan that it must raise its share price above $1 by July 13 to remain compliant with minimum bid rules.INSTITUTIONAL ADOPTION SHIFTS WITH GOLDMAN SACHS AND FRANKLIN TEMPLETON:Major financial institutions are recalibrating their approach to digital assets., Goldman Sachsreduced its bitcoin ETF holdings by 40% in the Q4. Conversely, asset managers continue to deepen their blockchain integration., executives from Franklin Templetonand SWIFT stated at a recent conference that the future of banking is "24/7 and natively on-chain," with Franklin Templeton focusing on tokenizing money market funds to reduce operational costs. In Europe, Ripple. Furthermore,to bitcoin and etherETFs from BlackRockand WisdomTreefor its clients, marking a pivot from its previous restrictive stance.LEGISLATIVE STALEMATES AND MACROECONOMIC DATA:Regulatory discussions in Washington remain intense following a high-profile White House meeting regarding stablecoin yields and market structure., sources from both banking and crypto sectors termed the session "productive," though no compromise was reached by the end. While the, industry executives expressed varying views on the path forward. Ripple chief legal officer Stuart Alderotythat "compromise is in the air" and urged lawmakers to seize the momentum to deliver a win for consumers. However, BitGo CEO Mike Belshe took a firmer stance,that both sides must stop "re-litigating GENIUS" and instead focus on passing "CLARITY" to ensure market structure is not delayed by stablecoin debates. On the macro front, the U.S. added a stronger-than-expected 130,000 jobs in January, sending the unemployment rate down to 4.3%. Following the data, bitcoin pared earlier losses to trade modestly higher.PRICE ACTION:As of time of writing, bitcoin was trading at $66,317.99, while ether was trading at $1,926.60,.

WisdomTree released monthly metrics for January, including assets under management and flow data by asset class.