Space Exploration Technologies Corp (NASDAQ:SPCX) faces short pressure ahead of Nasdaq-100 entry
Space Exploration Technologies Corp is in focus for a squeeze going into Thursday, and it’s drawing more eyes than the index-driven buying expected next week. As of Wednesday’s close, the projected Nasdaq-100 passive buy adds up to roughly 27 million shares. That covers just 14% of the current short interest. The stock is still trading about 17% above the $135 IPO price, but since the debut, most of the action is now around the float. Short interest hit 196 million shares, or roughly 31% of the free float, as of Tuesday, according to Ortex. That was up from 83 million shares, or 13%, just a week ago. “It’s extraordinary for a stock that has been public less than a month,” Ortex co-founder Peter Hillerberg said. He called the short trade a “roller coaster” for shorts.