Short Interest Monitor: TAP, FIG, AKAM

The latest edition of the Short Interest Monitor is dominated by software companies amid the information technology sector's uneven recovery but also features a few consumer staples and consumer discretionary companies.

First, Molson Coors Beverage Company (TAP) saw its short interest rise more than 14% from the prior reporting period in the first two weeks of May. Despite topping Wall Street's earnings forecast in its first-quarter report on April 30, short sellers may have targeted TAP after it said that its sales volumes would drop 6% to 9% next quarter compared to the same period a year ago. Management also warned that rising fuel prices could put further pressure on beer spending this year. Shortly after that warning, CNBC reported that Nielsen-tracked data showed that beer, flavored malt beverage, and cider volumes fell 6.3% year over year through the week ending May 2. Surging aluminum and fuel costs may also impact TAP's bottom line. More than 12% of TAP's outstanding shares were sold short as of May 28.

The cloud computing and cybersecurity company Akamai Technologies (AKAM) was another target of short sellers in early May. Its short interest rose more than 15% from the prior reporting period. Short sellers may have been drawn in by the spike in AKAM's stock price after the company inked a $1.8 billion deal with Anthropic, a private enterprise AI company, on May 8. AKAM also boosted its full-year guidance in its May 7 first-quarter earnings report. Despite missing Wall Street's consensus revenue forecast, rising cloud infrastructure services revenue attracted bullish investors. AKAM shares surged nearly 50% in May, but more than 10% of the company's outstanding shares were sold short as of May 28.

Figma (FIG) stock also saw its short interest rise 21% from the prior reporting period in the first two weeks of May. The software company reported first-quarter earnings on May 14, topping analysts' revenue and earnings-per-share forecasts and raising its full-year guidance. However, FIG has been under pressure from activist investor Findell Capital to cut costs and improve its margins after reporting a quarterly net loss of more than $140 million. FIG shares plunged following the company's IPO in the summer of 2025, and some short sellers appear to be betting against its comeback. Roughly 13% of FIG's outstanding shares were sold short as of May 28.

Check out the table below to see the complete Short Interest Monitor, which includes 10 equities with elevated and rising short interest. Each stock has a market cap of at least $2 billion and short interest that represents at least 10% of its outstanding shares.

As always, there were a few high-profile stocks with rising short interest that didn't make our list but have made headlines in recent weeks.

Novo Nordisk (NVO) saw its short interest rise 55% in the first two weeks of May compared to the prior reporting period. NVO's stock has declined sharply since its 2024 peak, when it was briefly Europe's most valuable company. However, the Danish drugmaker mounted a comeback in May after topping analysts' earnings expectations in the first quarter and raising its full-year guidance amid stronger-than-expected sales of its new weight-loss pill in the United States. NVO is not a highly shorted stock, but short sellers may be targeting the company due to the competitive GLP-1 weight loss market and looming patent cliffs, which could impact sales.

The online car retailer Carvana (CVNA) saw its short interest spike 426% from the prior reporting period in the first two weeks of May. Its days-to-cover metric also rose to 6.68 days. Just 6.7% of CVNA's outstanding shares were sold short as of May 28, but that figure has risen in recent weeks. Debt and valuation concerns could be attracting short sellers. CVNA trades at roughly 47 times its trailing 12-month earnings and held $4.8 billion in long-term debt in the first quarter. Short-seller Gotham City Research also alleged earlier this year that CVNA had overstated its earnings by $1 billion in 2023 and 2024.