It's possible of course. However I think it will run up even if that would in fact be the case. The short position was 65% March 12th.....what is it now? I'm not sure....can't really tell since I don't see it listed. It Could all still be short.....but I'mthinking most covered and will be back in shorting again after it runs(if your theory holds).
Besides I think that 20% spurt might have killed some short interest.