Uber shares bounced back on Tuesday, climbing almost 8% on the day, though still closing below the IPO price. The stock rebounded at least partly thanks to a broad market stabilization that saw equity indexes in Europe and the U.S. regain some of the ground they lost on Monday.
That’s all good news for Uber investors, many of whom have been hit hard by the share decline. But it’s still too soon to tell if the stock has found a bottom, or will climb back above its initial offering price of $45 anytime soon.
One less-than-positive sign: Short interest in the stock hit $768 million, with 20.7 million shares shorted. That adds up to 11.5% of the available shares, according to data from analytics firm S3 Partners. While that might not be a great sign so early in Uber’s life as a publicly traded company, to put it in perspective, short interest in Lyft shares represents 60% of its available shares, S3 data show.