Why are NEGG interest rates so high when the short percentage of the float is so low?
NEGG has the short percentage of the float at 1.68%. However, the interest rate on Fidelity is nearly 500% and 1,000% on IBKR. I'm holding my shares indefinitely till a minimum price of $800. I'm in pure profit currently from the extremely high interest rate. If there is a squeeze the charts suggest the buy pressure could easily cause a candlestick from $40 to $800, as we are building support within the Ichimoku cloud on the monthly chart. No shares will be available if this continues for a week or two.
If this goes to $800 I basically turn an investment of almost nothing into a few million. So, I hold since I'm currently beating the market by doing nothing with my retirement account.
But why is the short percentage of the float so low while the interest rate is crazy high?