<p>針對 heavily shorted 股票的交易者正在尋找兩個方向：押注於公司的衰退或尋找短期擠壓。</p>
<p>以下是這些股票為何吸引如此多關注的原因分析，以及當前市場環境的概述。</p>
<ul>
<li><em>LCID 股票被大量做空。</em> 查看這裏的圖表和價格走勢。</li>
</ul>
<h2>什麼是 heavily shorted 股票？</h2>
<p>股票被大量做空的主要原因是許多經驗豐富的交易者和機構投資者認為該公司基本面被高估，價格將會下跌。</p>
<p>做空者押注於公司面臨重大風險——例如糟糕的收益、失敗的商業模式或行業逆風——這些因素最終將導致股價下跌。</p>
<p>另一方面，散户交易者通常將高空頭頭寸視為一個蓄勢待發的彈簧。如果股價開始上漲，可能會觸發短期擠壓，加速上漲。</p>
<h2>短期擠壓的機制</h2>
<p>短期擠壓是一種波動的反饋循環，可能在非常短的時間內導致爆炸性的收益。</p>
<p>當股票價格意外上漲時，做空者被迫瘋狂回購股票以平倉。</p>
<p>這種被迫的買入會導致需求突然激增，從而進一步推高價格，使更多的做空者陷入反饋循環。</p>
<p>短期擠壓的波動性可能導致收益遠超典型股票在非常短時間內的波動。</p>
<h2>最受做空的前 10 只股票</h2>
<p>根據 Benzinga Pro 的數據，截至 2 月 13 日，以下是市值超過 20 億美元且自由流通股超過 500 萬的最受做空的股票。</p>
<p>在下表中，股票按空頭頭寸排名——即已賣出但尚未平倉的總股數，表示為可公開交易股票的百分比。</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>公司名稱及股票代碼</strong></td>
<td><strong>空頭頭寸 (%) [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>高度做空的股票是負面基本面與投機交易的戰場。​</li>
<li>短期擠壓可以帶來巨大的快速收益，但風險和波動性非常高。​</li>
<li>監控空頭頭寸排行榜可以幫助識別哪些股票可能是下一個短期擠壓，但把握這種交易的時機仍然極具挑戰性。​</li>
<li>始終進行盡職調查，因為波動性往往反映出深層的潛在風險和商業不確定性。</li>
</ul>
<p><em>照片來源：Shutterstock</em></p>

HIMY

HIMS

2 倍做多 HIMS ETF - Defiance

LCID

CLSK

CLSX

<p>這篇文章討論了十大被做空最多的股票，包括 Lucid、Hims & Hers 和 CleanSpark。文章解釋了交易者為何針對這些股票，既是為了押注其下跌，也為了利用潛在的空頭擠壓。當交易者認為某隻股票被高估，面臨如業績不佳等風險時，該股票就會被大量做空。空頭擠壓發生在價格上漲迫使空頭賣家回購股票時，形成一個反饋循環，可能導致價格大幅飆升。文章列出了截至 2026 年 2 月 13 日被做空最多的股票，並強調了它們的空頭頭寸百分比</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>針對 heavily shorted 股票的交易者正在尋找兩個方向：押注於公司的衰退或尋找短期擠壓。</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>以下是這些股票為何吸引如此多關注的原因分析，以及當前市場環境的概述。</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> 查看這裏的圖表和價格走勢。</li>
</ul>
</div><h2>What Makes A Stock Heavily Shorted?</h2>
<div class="lb-trans"><h2>什麼是 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許多經驗豐富的交易者和機構投資者認為該公司基本面被高估，價格將會下跌。</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>做空者押注於公司面臨重大風險——例如糟糕的收益、失敗的商業模式或行業逆風——這些因素最終將導致股價下跌。</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，散户交易者通常將高空頭頭寸視為一個蓄勢待發的彈簧。如果股價開始上漲，可能會觸發短期擠壓，加速上漲。</p>
</div><h2>The Mechanics Of A Short Squeeze</h2>
<div class="lb-trans"><h2>短期擠壓的機制</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>短期擠壓是一種波動的反饋循環，可能在非常短的時間內導致爆炸性的收益。</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>當股票價格意外上漲時，做空者被迫瘋狂回購股票以平倉。</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>這種被迫的買入會導致需求突然激增，從而進一步推高價格，使更多的做空者陷入反饋循環。</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>短期擠壓的波動性可能導致收益遠超典型股票在非常短時間內的波動。</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>根據 Benzinga Pro 的數據，截至 2 月 13 日，以下是市值超過 20 億美元且自由流通股超過 500 萬的最受做空的股票。</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，股票按空頭頭寸排名——即已賣出但尚未平倉的總股數，表示為可公開交易股票的百分比。</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>公司名稱及股票代碼</strong></td>
<td><strong>空頭頭寸 (%) [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>高度做空的股票是負面基本面與投機交易的戰場。​</li>
<li>短期擠壓可以帶來巨大的快速收益，但風險和波動性非常高。​</li>
<li>監控空頭頭寸排行榜可以幫助識別哪些股票可能是下一個短期擠壓，但把握這種交易的時機仍然極具挑戰性。​</li>
<li>始終進行盡職調查，因為波動性往往反映出深層的潛在風險和商業不確定性。</li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片來源：Shutterstock</em></p>
</div>

十大被做空最多的股票：CleanSpark、Hims & Hers 及其他