Short interest // FINRA, biweekly, dated

REFR short interest

Research Frontiers Incorporate

0%30%+2.93%Moderate short interest
2.93% of REFR’s shares outstanding is sold short

1,022,632 shares short / 34,867,786 shares outstanding (share count as of 2026-08-06, 10-Q).

“Moderate” describes how crowded the short position is, not where the stock goes next. Percent of shares outstanding, not percent of float; where filings allow it, the float version appears below as a floor.

As of the 2026-09-30 settlement, which is 22 days ago. FINRA publishes twice a month on the seventh business day after settlement, so this cycle was published around 2026-10-09 and the next is expected around 2026-10-26. No free source anywhere has anything fresher, including sites that display this number next to a live price.

Shares sold short1,022,632
⊙
EVIDENCE — filed/published fact
SourceFINRA consolidated short interest
FieldcurrentShortPositionQuantity
As of2026-09-30 settlement
HowFile shrt20260930.csv in FINRA's catalog (posted ~7 business days after settlement).
Open the source document →
Prior settlement389,783
Change+162.4%
Days to coverShares short divided by average daily volume. FINRA publishes 1.00 here because it does not report below 1.00.0.11
⊙
INFERENCE — derived by arithmetic
SourceFINRA consolidated short interest
FieldcurrentShortPositionQuantity ÷ averageDailyVolumeQuantity
As of2026-09-30 settlement
HowComputed from FINRA’s two published operands. FINRA’s own daysToCoverQuantity field floors at 1.00 and is not used.
Open the source document →
FINRA prints 1.00 (floored)
Average daily volume (FINRA, the days-to-cover denominator)9,103,890
ExchangeNasdaq (SmallCap)
Reg SHO threshold listPersistent settlement failures under Reg SHO Rule 203. A delivery-failure list, not a “naked shorting” list.Not on the list (2026-10-21)
Short interest, % of shares outstandingPercent of shares outstanding. Not percent of float, and the two are not the same number.2.93%
Shares outstandingfrom filings, as of 2026-08-0634,867,786

Short interest history

76 settlements on record, oldest 2023-08-15. Biweekly points, from FINRA’s own archive.

SettlementShares shortChange% of shares outDays to coverClose, USDValue short, USD
2026-09-301,022,632+162.4%2.93%0.110.73751,328
2026-09-15389,783-9.8%1.12%2.850.36140,400
2026-08-31431,999+19.6%1.24%2.750.47201,787
2026-08-14361,283+30.2%1.04%3.710.44158,965
2026-07-31277,427-19.7%0.80%4.430.40111,026
2026-07-15345,343+7.4%0.99%6.570.55190,388
2026-06-30321,566-9.9%0.92%4.240.52167,214
2026-06-15356,780+4.3%1.02%12.170.65231,907
2026-05-29342,110-0.6%0.98%15.200.77263,425
2026-05-15344,271+5.2%0.99%6.530.80275,417
2026-04-30327,132-4.0%0.94%15.650.92300,929
2026-04-15340,893-0.9%0.98%12.950.91311,099
Show the other 64 settlements, back to 2023-08-15
SettlementShares shortChange% of shares outDays to coverClose, USDValue short, USD
2026-03-31343,981+15.8%0.99%9.010.92316,463
2026-03-13296,924+7.5%0.85%10.281.01299,893
2026-02-27276,316+3.2%0.80%8.451.00274,990
2026-02-13267,757+5.1%0.77%5.921.00267,757
2026-01-30254,775-2.0%0.74%4.401.20305,730
2026-01-15259,934+0.3%0.75%7.421.32343,113
2025-12-31259,168-3.7%0.77%3.471.31339,510
2025-12-15269,095-5.6%0.80%6.121.56419,788
2025-11-28284,994+1.6%0.85%5.051.89538,639
2025-11-14280,464-1.8%0.83%4.371.81507,640
2025-10-31285,677+2.0%0.85%1.661.94554,213
2025-10-15280,047-1.8%0.83%4.001.78498,484
2025-09-30285,206+2.2%0.85%5.731.59453,478
2025-09-15278,988+0.5%0.83%11.621.26351,525
2025-08-29277,484-3.0%0.82%9.351.35374,603
2025-08-15286,137-7.6%0.85%9.541.47420,621
2025-07-31309,627+5.1%0.92%7.251.58489,211
2025-07-15294,630-2.1%0.88%10.881.66489,086
2025-06-30300,889-5.1%0.89%9.211.64493,458
2025-06-13316,929+1.4%0.94%8.061.87592,657
2025-05-30312,490-1.8%0.93%5.701.82570,294
2025-05-15318,380+12.6%0.95%6.901.73550,797
2025-04-30282,873-0.6%0.84%15.201.05297,017
2025-04-15284,690-2.3%0.85%6.701.01287,537
2025-03-31291,379-0.8%0.87%9.351.13329,258
2025-03-14293,663-4.2%0.87%10.011.29378,825
2025-02-28306,475+1.3%0.91%16.371.35413,741
2025-02-14302,547-1.0%0.90%6.781.44435,668
2025-01-31305,550-3.5%0.91%7.781.54470,547
2025-01-15316,783+1.4%0.94%14.301.69533,779
2024-12-31312,327-2.4%0.93%9.861.71534,079
2024-12-13320,004-4.6%0.95%15.321.83585,607
2024-11-29335,304-6.7%1.00%12.111.95653,843
2024-11-15359,257-0.5%1.07%12.631.97707,736
2024-10-31361,016+1.4%1.08%14.332.20794,235
2024-10-15355,902-3.2%1.06%32.682.04726,040
2024-09-30367,776-1.7%1.10%10.402.19805,429
2024-09-13374,079-0.6%1.12%24.861.99744,417
2024-08-30376,319-3.4%1.12%21.462.16812,849
2024-08-15389,374-0.2%1.16%10.532.15837,154
2024-07-31390,037-1.6%1.16%16.551.97768,373
2024-07-15396,255-7.2%1.18%12.982.05812,323
2024-06-28426,974+15.0%1.27%10.63n/an/a
2024-06-14371,229+2.8%1.11%5.01n/an/a
2024-05-31361,001+3.0%1.08%6.40n/an/a
2024-05-15350,391-6.6%1.05%5.04n/an/a
2024-04-30375,154-1.8%1.12%9.42n/an/a
2024-04-15382,096-0.3%1.14%12.46n/an/a
2024-03-28383,436+0.4%1.14%7.06n/an/a
2024-03-15381,889-1.5%1.14%5.05n/an/a
2024-02-29387,881+2.4%1.16%13.94n/an/a
2024-02-15378,717-1.9%1.13%17.01n/an/a
2024-01-31386,001-12.4%1.15%15.75n/an/a
2024-01-12440,452-10.4%1.31%8.01n/an/a
2023-12-29491,641-9.6%1.47%4.47n/an/a
2023-12-15544,029-9.7%1.62%12.03n/an/a
2023-11-30602,711-8.2%1.80%22.63n/an/a
2023-11-15656,826-0.4%1.96%15.60n/an/a
2023-10-31659,552-0.2%1.97%29.89n/an/a
2023-10-13660,841-0.6%1.97%26.12n/an/a
2023-09-29664,869-1.8%1.98%18.50n/an/a
2023-09-15676,755+0.7%2.02%22.51n/an/a
2023-08-31671,779-1.4%2.00%15.07n/an/a
2023-08-15681,619n/a2.03%24.07n/an/a

Change is against the settlement before it, and is left out where one is missing from the archive. Percent of shares outstanding divides by the filed share count dated nearest each settlement, within 200 days, so it moves when the share count does; it is not percent of float. Close and value short (shares short times that day’s close, both as traded) come from our stored daily bars, which begin 2024-07-01; earlier settlements show none rather than a figure from another source. Nothing here is split-adjusted, so a split appears as the step it was.

Different measurement // daily, and not a position

Daily short volume

This is not the number above. Short interest is the position still held short, reported twice a month. Short volume is the share of a single day’s trading that was marked as a sell-short order, published daily. Most of it is market makers hedging and closing within the same session, so a stock printing a high figure here is not that percentage sold short.

Latest session (2026-10-21)
38.0%
Average, last 10 sessions
29.8%
2026-10-2138.0%
2026-10-2026.1%
2026-10-1948.7%
2026-10-1632.5%
2026-10-1538.6%
2026-10-1434.0%
2026-10-1313.8%
2026-10-1213.9%
2026-10-097.0%
2026-10-0845.2%

FINRA Reg SHO consolidated daily file. Sessions with no row for REFR are omitted rather than shown as zero.

Price context // daily bars, not short data

Where the price sits

Session of 2026-10-19, from 274 sessions of daily bars. These are price figures, not short figures, and they update daily rather than twice a month.

Close$0.52
Volume, latest session149,566
Volume vs averageAgainst its own 50-session average of 2,117,224, same series on both sides0.07x
% from 52-week high ($2.70)-80.7%
% from 52-week low ($0.34)+54.5%
52-week performance-69.9%
% from 50-day average ($0.54)-3.7%
% from 200-day average ($0.78)-33.7%
RSI, 14-dayWilder’s construction, so it matches what charting platforms print41.0

Why there is no “% of float” here

Percent of float is the number the paid trackers lead with, and it is the one number in this category that cannot be published honestly for free. There is no free float share count: the SEC’s XBRL concept for float does not exist, and the closest one, public float, is measured in dollars and is filed once a year with the annual report. For Apple it currently reads as of March 2025, sixteen months ago.

So a free site showing percent of float is doing one of two things: quietly substituting shares outstanding, which for a heavily insider-held small company is a wildly different number, or republishing a commercial estimate it licensed. We publish the percentage that filed data supports, label it as percent of shares outstanding, and where insider Form 4 filings allow it we publish percent of float as an explicit floor: subtracting only filed direct insider holdings from shares outstanding gives a ceiling on float, so the division gives a number the true percentage can only exceed. What we will not do is print a bare “% of float” built on someone else’s estimate. Where a figure is measured, this site says what it was measured against. Read the methodology.

What days to cover means

Open short interest divided by average daily trading volume: roughly how many full sessions of normal volume it would take for every short position to be bought back. FINRA computes it per security at each settlement and we pass their figure through. This matters more than it sounds, because sites that compute their own pick their own volume window and rarely say which, so the same stock shows materially different values depending on where you look.

High short interest and high days to cover describe fuel, not ignition. They say a crowded position exists; they say nothing about whether it unwinds, and heavily shorted stocks frequently keep falling. Educational information, not investment advice.

FINRA is the owner and source of this short interest and short sale volume data. Free on every plan; not for redistribution.

REFR short interest FAQ

How old is this REFR short interest figure?

It is the 2026-09-30 settlement, which is 22 days ago. FINRA collects short interest twice a month and publishes on the seventh business day after each settlement date, so this was published around 2026-10-09 and the next cycle is expected around 2026-10-26. There is no fresher short interest available anywhere for free, including from tools that display it next to a live price.

Why does this show percent of shares outstanding rather than percent of float?

Because float share counts are not published by any free source. The SEC XBRL concept for float does not exist, and the nearest one is measured in dollars and comes only from the annual report. Every free site showing a float percentage is republishing a commercial estimate. We publish the percentage we can compute from filed data and label it for what it is, rather than passing shares outstanding off as float.

Where does days to cover come from?

Shares short divided by average daily volume, using FINRA’s own two published figures. We do not use FINRA’s own days-to-cover field, because it is floored at 1.00: across the current file, 7,869 securities, over a third of the market, are published at exactly 1.00 and nearly all of them are genuinely below it. One stock with a true ratio of 0.03 is published as 1.00. Sites that instead invent their own average-volume window produce a different problem, which is why the operands here are both FINRA’s.

Is high short interest a buy signal?

No. High short interest is frequently the market pricing real problems, and many heavily shorted stocks keep falling. This page measures positioning. It makes no recommendation.

Keep going: the full REFR workspace · short squeeze screener · REFR dilution profile · what short interest means · methodology