Rick,
OK, so let's say that this "hidden short" is in effect.
What fund would lend the shares? The total number of shares that has traded in this period is humongous. It would need to be either a group of undisclosed (less than 5%) institutions, Wisconsin, or Shaker.
If the shares are held in street name in a margin account, they are automatically borrowable. The owner doesn't even know they have been lent out. I'm not actually certain if a MM even has to borrow shares to short.
Also, don't assume that all (or even most) shares traded in this period have been shorts. First, you have to divide by two because of the way volume is reported on NASDAQ. Second, you can just get institutions trading shares with each other. I don't think daytraders have invaded the stock at all, but you never really know for sure.
Bottom line here is that we will probably never know what has been happening, or even if shorts were ever involved at all.
Ultimately, the only comfort is that if the company continues to do well, the stock will eventually follow.
Peter
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