Sivers Semiconductors: Short Sellers Quietly Exit as Accounting Restatement and Insider Split Add to the Fog
Published on 07/24/2026 at 19:01 | Redaktion boerse-global.de
The short-selling pressure that has weighed on Sivers Semiconductors for months is beginning to dissipate — but not in a way that offers investors much clarity. Voleon Capital Management, the last institution with a publicly disclosed short position in the Swedish chipmaker, has slipped below Sweden’s 0.5 percent reporting threshold, dropping from 0.59 percent to under that mark. The move, disclosed on Friday, leaves no single investor required to reveal a bearish bet against the stock, though the Financial Supervisory Authority still tracks positions above 0.1 percent internally.
That does not mean the bears have fled entirely. An estimated 2.7 percent of Sivers’ shares remain sold short, scattered across positions too small to trigger public disclosure. The retreat of a single named short seller, while notable, says little about the aggregate weight of those hidden bets — and the stock’s trajectory suggests the selling pressure has not abated.
The shares continue to slide. In European trading, Sivers changed hands at €2.90 on Friday, down 3.4 percent on the day. That leaves the stock 71.7 percent below its 52-week high of €10.23, reached in early June. The over-the-counter US listing under ticker SIVEF fared even worse on Thursday, closing at $3.39 after a 12.6 percent daily plunge, with volume hitting 2.71 million shares. The wide gap between the two listings underscores just how fragmented and volatile price discovery has become.
The sell-off has been staggering in its speed. Over the past 30 days alone, Sivers has shed nearly 59 percent of its value — a collapse that has coincided with a broader retreat by short sellers. The overall short interest has shrunk to 2.76 percent of share capital as of July 23, down from 6.69 percent in early May. Two Sigma Investments, another prominent hedge fund, also reduced its position below the 0.5 percent reporting threshold during that period.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Why would professional short sellers close out their bets while the stock is still falling? The answer may lie in the sheer velocity of the decline. After a 59 percent rout in a month, the risk of a sharp snap-back — or a short squeeze — rises considerably. For funds sitting on paper profits, locking in gains before the next catalyst becomes an increasingly rational move.
That catalyst could come from multiple directions. Sivers is in the midst of a major accounting overhaul as it prepares for a secondary listing on the Nasdaq in New York. The transition to PCAOB-compliant reporting standards has forced a restatement of the 2025 financials: the net loss was revised upward from 141 million Swedish kronor to 223 million kronor, driven by changes in revenue recognition rules, inventory valuations, and capitalized development costs. The next quarterly report, originally due earlier, has been pushed back to August 27 to allow auditors to complete the work.
Insider activity has added another layer of confusion. After a lock-up period expired on July 16, the board chairman sold 275,000 shares, citing the need to fund donations and family obligations. Another director also reduced his stake. Yet CEO Vickram Vathulya moved in the opposite direction, purchasing 70,000 additional shares to bring his total holdings to 4,540,076. Starting July 28, a closed period under EU market abuse regulations will prohibit all insiders from trading until the next financial report is published.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
From a technical perspective, the stock is approaching oversold territory. The 14-day relative strength index stands at 36.4, edging toward the zone that chartists consider a potential turning point. But with annualized volatility hovering near 162 percent, any stabilization is likely to be anything but calm.
For investors, the picture is unusually murky. Short sellers are covering their positions, which historically can precede a rebound. But the accounting restatement, the insider trading split, and the opaque distribution of the remaining 2.7 percent short interest all argue against reading too much into any single data point. The next real test comes on August 27, when Sivers reports its second-quarter results — and investors will finally see whether the company’s push into AI-powered photonics and its SPAC integration with byNordic Acquisition Corporation are on track.
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