So that means there are less shorts to push the stock higher
It's not that simple. Conventional wisdom says that a decline in short interest means that there's an increasing amount of investors who think that the PPS will not decrease any further. That's good, and it's true most of the time.
On the other hand, there are some contrarians who like to see high short interest, with the idea that eventually the PPS will turn north forcing a short squeeze which pushes the price even higher. That might be good, providing the stock doesn't continue declining to zero/BK or at least lower than your ability/desire to hold, or if you can spot the turn and buy at the low, which is tough.
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