<p>针对 heavily shorted 股票的交易者正在寻找两个方向：押注于公司的衰退或寻找短期挤压。</p>
<p>以下是这些股票为何吸引如此多关注的原因分析，以及当前市场环境的概述。</p>
<ul>
<li><em>LCID 股票被大量做空。</em> 查看这里的图表和价格走势。</li>
</ul>
<h2>什么是 heavily shorted 股票？</h2>
<p>股票被大量做空的主要原因是许多经验丰富的交易者和机构投资者认为该公司基本面被高估，价格将会下跌。</p>
<p>做空者押注于公司面临重大风险——例如糟糕的收益、失败的商业模式或行业逆风——这些因素最终将导致股价下跌。</p>
<p>另一方面，散户交易者通常将高空头头寸视为一个蓄势待发的弹簧。如果股价开始上涨，可能会触发短期挤压，加速上涨。</p>
<h2>短期挤压的机制</h2>
<p>短期挤压是一种波动的反馈循环，可能在非常短的时间内导致爆炸性的收益。</p>
<p>当股票价格意外上涨时，做空者被迫疯狂回购股票以平仓。</p>
<p>这种被迫的买入会导致需求突然激增，从而进一步推高价格，使更多的做空者陷入反馈循环。</p>
<p>短期挤压的波动性可能导致收益远超典型股票在非常短时间内的波动。</p>
<h2>最受做空的前 10 只股票</h2>
<p>根据 Benzinga Pro 的数据，截至 2 月 13 日，以下是市值超过 20 亿美元且自由流通股超过 500 万的最受做空的股票。</p>
<p>在下表中，股票按空头头寸排名——即已卖出但尚未平仓的总股数，表示为可公开交易股票的百分比。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>公司名称及股票代码</strong></td>
<td><strong>空头头寸 (%) [2026 年 2 月 13 日]</strong></td>
</tr>
<tr>
<td><strong>Choice Hotels International, Inc.</strong> (NYSE: CHH)</td>
<td>57.32%</td>
</tr>
<tr>
<td><strong>Lucid Group, Inc.</strong> (NASDAQ: LCID)</td>
<td>51.78%</td>
</tr>
<tr>
<td><strong>Avis Budget Group, Inc.</strong> (NASDAQ: CAR)</td>
<td>48.72%</td>
</tr>
<tr>
<td><strong>CleanSpark, Inc.</strong> (NASDAQ: CLSK)</td>
<td>44.39%</td>
</tr>
<tr>
<td><strong>Hims &amp; Hers Health, Inc.</strong> (NYSE: HIMS)</td>
<td>41.71%</td>
</tr>
<tr>
<td><strong>ImmunityBio, Inc.</strong> (NASDAQ: IBRX)</td>
<td>40.85%</td>
</tr>
<tr>
<td><strong>MARA Holdings, Inc.</strong> (NASDAQ: MARA)</td>
<td>39.90%</td>
</tr>
<tr>
<td><strong>TransMedics Group, Inc.</strong> (NASDAQ: TMDX)</td>
<td>39.60%</td>
</tr>
<tr>
<td><strong>Kohl's Corp.</strong> (NYSE: KSS)</td>
<td>34.43%</td>
</tr>
<tr>
<td><strong>Sphere Entertainment Co.</strong> (NYSE: SPHR)</td>
<td>33.98%</td>
</tr>
</tbody>
</table>
<p></p>
<h2>提醒：</h2>
<ul>
<li>高度做空的股票是负面基本面与投机交易的战场。​</li>
<li>短期挤压可以带来巨大的快速收益，但风险和波动性非常高。​</li>
<li>监控空头头寸排行榜可以帮助识别哪些股票可能是下一个短期挤压，但把握这种交易的时机仍然极具挑战性。​</li>
<li>始终进行尽职调查，因为波动性往往反映出深层的潜在风险和商业不确定性。</li>
</ul>
<p><em>照片来源：Shutterstock</em></p>

HIMY

HIMS

2 倍做多 HIMS ETF - Defiance

LCID

CLSK

CLSX

<p>这篇文章讨论了十大被做空最多的股票，包括 Lucid、Hims & Hers 和 CleanSpark。文章解释了交易者为何针对这些股票，既是为了押注其下跌，也为了利用潜在的空头挤压。当交易者认为某只股票被高估，面临如业绩不佳等风险时，该股票就会被大量做空。空头挤压发生在价格上涨迫使空头卖家回购股票时，形成一个反馈循环，可能导致价格大幅飙升。文章列出了截至 2026 年 2 月 13 日被做空最多的股票，并强调了它们的空头头寸百分比</p>

<p>Traders targeting heavily shorted stocks are looking to play one of two sides: betting on a company's downfall or hunting for a short squeeze.</p>
<div class="lb-trans"><p>针对 heavily shorted 股票的交易者正在寻找两个方向：押注于公司的衰退或寻找短期挤压。</p>
</div><p>Here is a breakdown of why these stocks attract so much attention and a look at the current market landscape.</p>
<div class="lb-trans"><p>以下是这些股票为何吸引如此多关注的原因分析，以及当前市场环境的概述。</p>
</div><ul>
<li><em>LCID stock is heavily shorted.</em> See the chart and price action here.</li>
</ul>
<div class="lb-trans"><ul>
<li><em>LCID 股票被大量做空。</em> 查看这里的图表和价格走势。</li>
</ul>
</div><h2>What Makes A Stock Heavily Shorted?</h2>
<div class="lb-trans"><h2>什么是 heavily shorted 股票？</h2>
</div><p>The primary reason a stock becomes heavily shorted is that a large number of experienced traders and institutional investors believe the company is fundamentally overvalued and that its price will fall.</p>
<div class="lb-trans"><p>股票被大量做空的主要原因是许多经验丰富的交易者和机构投资者认为该公司基本面被高估，价格将会下跌。</p>
</div><p>The short sellers are betting that the company faces significant risks—such as poor earnings, a failing business model or industry headwinds—that will eventually drive the stock price down.</p>
<div class="lb-trans"><p>做空者押注于公司面临重大风险——例如糟糕的收益、失败的商业模式或行业逆风——这些因素最终将导致股价下跌。</p>
</div><p>On the flip side, retail traders often view high short interest as a coiled spring. If the stock price starts to rise, it can trigger a short squeeze, accelerating the upward move.</p>
<div class="lb-trans"><p>另一方面，散户交易者通常将高空头头寸视为一个蓄势待发的弹簧。如果股价开始上涨，可能会触发短期挤压，加速上涨。</p>
</div><h2>The Mechanics Of A Short Squeeze</h2>
<div class="lb-trans"><h2>短期挤压的机制</h2>
</div><p>A short squeeze is a volatile feedback loop that can lead to explosive gains in a very short window.</p>
<div class="lb-trans"><p>短期挤压是一种波动的反馈循环，可能在非常短的时间内导致爆炸性的收益。</p>
</div><p>It begins when a stock's price rises unexpectedly, forcing short sellers to frantically buy shares back to cover their positions.</p>
<div class="lb-trans"><p>当股票价格意外上涨时，做空者被迫疯狂回购股票以平仓。</p>
</div><p>The forced buying creates a sudden spike in demand, which pushes the price even higher, trapping more short sellers in the feedback loop.</p>
<div class="lb-trans"><p>这种被迫的买入会导致需求突然激增，从而进一步推高价格，使更多的做空者陷入反馈循环。</p>
</div><p>The volatility of a short squeeze can lead to returns that far exceed typical stock movements in a very short time frame.</p>
<div class="lb-trans"><p>短期挤压的波动性可能导致收益远超典型股票在非常短时间内的波动。</p>
</div><h2>Top 10 Most Shorted Stocks</h2>
<div class="lb-trans"><h2>最受做空的前 10 只股票</h2>
</div><p>Here are the most heavily shorted stocks (with market caps above $2 billion and free floats above 5 million) as of Feb. 13, according to data from Benzinga Pro.</p>
<div class="lb-trans"><p>根据 Benzinga Pro 的数据，截至 2 月 13 日，以下是市值超过 20 亿美元且自由流通股超过 500 万的最受做空的股票。</p>
</div><p>In the table below, stocks are ranked by short interest — the total number of shares sold short and not yet covered, expressed as a percentage of shares available for public trading.</p>
<div class="lb-trans"><p>在下表中，股票按空头头寸排名——即已卖出但尚未平仓的总股数，表示为可公开交易股票的百分比。</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Company Name &amp; Ticker</strong></td>
<td><strong>Short Interest (%) [Feb. 13, 2026]</strong></td>
</tr>
<tr>
<td><strong>Choice Hotels International, Inc.</strong> (NYSE: CHH)</td>
<td>57.32%</td>
</tr>
<tr>
<td><strong>Lucid Group, Inc.</strong> (NASDAQ: LCID)</td>
<td>51.78%</td>
</tr>
<tr>
<td><strong>Avis Budget Group, Inc.</strong> (NASDAQ: CAR)</td>
<td>48.72%</td>
</tr>
<tr>
<td><strong>CleanSpark, Inc.</strong> (NASDAQ: CLSK)</td>
<td>44.39%</td>
</tr>
<tr>
<td><strong>Hims &amp; Hers Health, Inc.</strong> (NYSE: HIMS)</td>
<td>41.71%</td>
</tr>
<tr>
<td><strong>ImmunityBio, Inc.</strong> (NASDAQ: IBRX)</td>
<td>40.85%</td>
</tr>
<tr>
<td><strong>MARA Holdings, Inc.</strong> (NASDAQ: MARA)</td>
<td>39.90%</td>
</tr>
<tr>
<td><strong>TransMedics Group, Inc.</strong> (NASDAQ: TMDX)</td>
<td>39.60%</td>
</tr>
<tr>
<td><strong>Kohl's Corp.</strong> (NYSE: KSS)</td>
<td>34.43%</td>
</tr>
<tr>
<td><strong>Sphere Entertainment Co.</strong> (NYSE: SPHR)</td>
<td>33.98%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>公司名称及股票代码</strong></td>
<td><strong>空头头寸 (%) [2026 年 2 月 13 日]</strong></td>
</tr>
<tr>
<td><strong>Choice Hotels International, Inc.</strong> (NYSE: CHH)</td>
<td>57.32%</td>
</tr>
<tr>
<td><strong>Lucid Group, Inc.</strong> (NASDAQ: LCID)</td>
<td>51.78%</td>
</tr>
<tr>
<td><strong>Avis Budget Group, Inc.</strong> (NASDAQ: CAR)</td>
<td>48.72%</td>
</tr>
<tr>
<td><strong>CleanSpark, Inc.</strong> (NASDAQ: CLSK)</td>
<td>44.39%</td>
</tr>
<tr>
<td><strong>Hims &amp; Hers Health, Inc.</strong> (NYSE: HIMS)</td>
<td>41.71%</td>
</tr>
<tr>
<td><strong>ImmunityBio, Inc.</strong> (NASDAQ: IBRX)</td>
<td>40.85%</td>
</tr>
<tr>
<td><strong>MARA Holdings, Inc.</strong> (NASDAQ: MARA)</td>
<td>39.90%</td>
</tr>
<tr>
<td><strong>TransMedics Group, Inc.</strong> (NASDAQ: TMDX)</td>
<td>39.60%</td>
</tr>
<tr>
<td><strong>Kohl's Corp.</strong> (NYSE: KSS)</td>
<td>34.43%</td>
</tr>
<tr>
<td><strong>Sphere Entertainment Co.</strong> (NYSE: SPHR)</td>
<td>33.98%</td>
</tr>
</tbody>
</table>
</div><p></p>
<div class="lb-trans"><p></p>
</div><h2>Reminders:</h2>
<div class="lb-trans"><h2>提醒：</h2>
</div><ul>
<li>Highly shorted stocks are battlegrounds where negative fundamentals meet speculative trading.​</li>
<li>Short squeezes can deliver huge, fast gains, but at very high risk and volatility.​</li>
<li>Monitoring the short interest leaderboard can help identify which stocks might be the next short squeeze, but timing such trades remains extremely challenging.​</li>
<li>Always conduct due diligence, as the volatility often reflects deep underlying risks and business uncertainty.</li>
</ul>
<div class="lb-trans"><ul>
<li>高度做空的股票是负面基本面与投机交易的战场。​</li>
<li>短期挤压可以带来巨大的快速收益，但风险和波动性非常高。​</li>
<li>监控空头头寸排行榜可以帮助识别哪些股票可能是下一个短期挤压，但把握这种交易的时机仍然极具挑战性。​</li>
<li>始终进行尽职调查，因为波动性往往反映出深层的潜在风险和商业不确定性。</li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div>

十大被做空最多的股票：CleanSpark、Hims & Hers 及其他