Why $2,485.60 per share because S3 partners has their proprietary tracking system and they do track actual shorted shares returned. According to their data, there was a net return of 1.4 million shorted shares this week (1.6% of the total 88.2 M shares currently sold short).
Ortex tracks borrowed shares that are returned not necessarily borrowed shares that were sold short, bought back, and then returned. So seeing the 29 million net decrease in borrowed shares mostly just returned not shorted shares.
The hedge funds only actually covered 1.4m short shares this week and decided to return another 27.6M shares that they had borrowed but not yet sold short because they finally realized what a terrible idea it is to short AMC.
So let’s do the math. Short sellers covered 1.6% of their short position this week and the share price went up 83%. If you assume the same rate of price increase for each percentage point it short interest covered going forward, then shorts fully covering their position would correspond to a percentage increase of 5,188% over today’s $47.91 closing price. This equals $2,485.60 per share.
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