GameStop (NYSE: GME) is still one of the most closely watched stocks in the market. This attention comes mainly from its role in the 2021 short squeeze. Years later, investors still track short positioning. They also watch borrowing costs, trading volume, and options activity. These factors can signal changes in market sentiment.
As of the short-interest report on July 15, 2026, GameStop had around 55.43 million shares sold short. This is about 13.65% of its public float. That represents a modest decline from 55.86 million shares in the previous reporting period.
These numbers are important, but they need context. Today’s positioning looks quite different from the brief exposure during the 2021 squeeze.
Latest GME Short Interest Data
The most recent figures provide a useful snapshot of how much bearish positioning remains in GameStop:
- Shares sold short: approximately 55.43 million
- Short interest as a percentage of float: approximately 13.65%
- Previous shares sold short: about 55.86 million shares
- Short interest change: -0.77%
- Reported short-interest ratio: approximately 16.1 days
- Estimated dollar value of shares sold short: about $1.23 billion
The direction of the trend is arguably as important as the headline number. MarketBeat’s data shows short interest fell from over 65.6 million shares at the end of February 2026 to around 55.4 million by July 15. The short percentage of the float also fell from roughly 16% to 13.65% over that period.
This shows that, according to reported positions, bearish exposure has mostly dropped in 2026.
What Does 13.65% Short Float Mean?
A short float of about 13.5% can affect volatility. However, it’s far from the extreme levels seen during GameStop’s 2021 event.
Short interest represents the number of shares that have been sold short and remain open. Traders who short a stock typically borrow shares, sell them, and hope to repurchase them later at a lower price. If the stock rises, short sellers can face losses and may eventually need to buy shares back to close their positions.
This buying activity can add upward pressure to a rapidly rising stock.
However, 13.65% short interest does not automatically mean a short squeeze is imminent. A squeeze usually happens when several factors come together.
Key factors are:
- High buying demand
- Low liquidity
- Rising prices
- Forced covering
- Occasional hedging with options.
The current figure shows that GameStop still has a significant bearish side. However, the situation is much less extreme than it was before the 2021 squeeze.
GME Short Interest Compared With 2021
The contrast with 2021 is particularly striking.
In January 2021, the GameStop event saw short interest hit extraordinary levels for the market. The SEC called the situation very unusual. Reports show that peak short interest hit about 123% of shares outstanding.
That situation created an unusual feedback loop. Short positions were large, which meant many shares might need repurchasing if short sellers closed their trades. At the same time, retail buying pressure and options activity dramatically increased demand for the stock.
Today’s setup is different. Short exposure is around 13.65% of the float. There’s still room for short covering, which could spark a rally. However, the current imbalance is much smaller than during the historic squeeze.
Borrowing Costs Provide Another Clue
The cost of borrowing shares is another metric investors watch closely.
Recent market data has shown relatively low borrowing costs for GME shares. IBorrowDesk reported a 0.3% fee in early July 2026, and another Interactive Brokers-based feed showed 0.40% on July 29.
A low borrow rate generally suggests that shares are not particularly difficult or expensive to borrow at that moment. High borrowing costs can strain short sellers. This may lead to forced position cuts.
It’s important to tell apart the borrow cost for GME common shares and the rates for GameStop warrants or other securities. Different instruments can have dramatically different lending conditions.
Why Days to Cover Can Be Misleading
The current data highlights the days-to-cover figure.
MarketBeat now reports about 16.1 days. This is based on its calculation of average trading volume. Earlier reports showed significantly lower figures, including 10.75 days on June 30.
Days to cover is calculated by comparing short interest with average daily trading volume. Trading volume changes all the time. So, the ratio can shift even if the number of shorted shares changes only a little.
Investors should not see a single days-to-cover number as an exact prediction of how long short covering will take. Different providers can also use different volume periods and calculation methods.
Could Reported Short Interest Miss Other Exposure?
This is where the GameStop debate becomes more complicated.
Traditional short-interest statistics are designed to measure reported open short positions. They do not provide a complete picture of every possible form of bearish or synthetic market exposure.
Investors might check options positions. They may look at securities lending, short-sale volume, swaps, and other derivatives. These metrics help reveal broader market sentiment and institutional exposure. Platforms like Fintel track this data by monitoring borrow availability and institutional activity. This provides a more comprehensive view than traditional short interest alone.
Some GameStop community members say reported short interest might miss some economic risks. These claims matter in the market talk, but they shouldn’t be seen as proof of hidden short positions.
The most reliable approach is to distinguish reported data from interpretation.
What the Current Trend Could Mean for Investors
The current trend in GME short interest shows a slow decrease in bearish positions instead of an increase in short positions.
That does not necessarily make the stock bullish or bearish by itself. A declining short position can mean that short sellers are cutting back. It might show changes in the company’s share count. It could also reveal shifts in trading activity, investor expectations, or portfolio positioning.
Investors should therefore watch several indicators together:
- Short interest trend: Is the number of shares sold short rising or falling?
- Short interest as a percentage of float: Is bearish exposure becoming larger relative to tradable shares?
- Trading volume: Can higher volume make short covering easier or faster?
- Borrow rates: Rising costs may indicate tightening conditions for short sellers.
- Options activity: Can big changes in call and put volume or implied volatility impact short-term dynamics?
- Company fundamentals, like earnings, cash flow, acquisitions, capital allocation, and dilution, often matter more than short positioning.
Final Takeaway
The latest GME short interest figures show that GameStop has significant bearish positioning. As of July 15, 2026, there are about 55.43 million shares short, making up 13.65% of the public float. This is down from over 65 million shares earlier in the year.
The current situation is not like the extreme short exposure of early 2021. While a 13.65% short float can increase volatility and boost a strong move, it doesn’t guarantee another historic short squeeze.
For those tracking GME short interest, it’s essential to look beyond just the headline percentage. Consider changes in short positions, borrowing costs, trading volume, options activity, and GameStop’s business. This wider view offers a clearer picture of the risks and opportunities related to GME.
