Sivers Semiconductors: Short Sellers Retreat as Accounting Overhaul and Insider Split Complicate the Picture
Published on 07/24/2026 at 16:41 | Redaktion boerse-global.de
The recent collapse in Sivers Semiconductors’ share price has triggered an unusual response from the very investors who were betting against it: they are quietly closing their positions. With the stock down nearly 60 percent over the past month, the retreat of short sellers suggests that some of the most pessimistic market participants see limited further downside — even as the company grapples with a painful accounting restatement and conflicting signals from its own boardroom.
Short Interest Shrinks, But Doesn’t Disappear
Voleon Capital Management, the last publicly identifiable short seller in Sivers, has reduced its position to below 0.5 percent of the company’s capital, dropping off Sweden’s official disclosure register. The US hedge fund had previously held 0.59 percent, according to filings with the Finansinspektionen, which requires public disclosure of short positions above the 0.5 percent threshold.
But the retreat goes further. Two Sigma Investments, another prominent hedge fund, has also cut its bet against the stock below the reporting threshold. The overall short interest now stands at 2.76 percent of the share capital, down sharply from 6.69 percent in early May. While no single name appears on the public list, the remaining positions are simply too small to trigger disclosure requirements — not a complete abandonment of bearish bets, but a significant reduction in conviction.
A Breathtaking Rally Turned Sour
The short-covering comes against the backdrop of one of the most extreme boom-and-bust cycles in the Swedish small-cap market. Sivers remains the best-performing stock in the PLUS Småbolag Sverige index year-to-date, with a gain of 691.5 percent — far ahead of Medivir (+317.6 percent), AlzeCure Pharma (+213 percent), and Flexqube (+195.2 percent). The broader index, by contrast, has fallen 1.1 percent.
Should investors sell immediately? Or is it worth buying Sivers Semiconductors?
Yet those who bought near the peak are nursing devastating losses. The stock hit a 52-week high of €10.23 in early June but has since plunged 72.45 percent, closing at €2.82 on Friday — a drop of 6.07 percent on the day. The annualized 30-day volatility stands at 161.92 percent, underscoring the violent swings that have characterized the stock’s trajectory. Over the past year, Sivers has traded between a low of €0.265 in early March and that June high, a range that puts its current market capitalization of roughly €1.09 billion into perspective.
Accounting Overhaul Ahead of Nasdaq Listing
The sell-off coincides with a major financial restatement. Sivers is preparing a secondary listing on the Nasdaq in New York, which requires its financial reports to comply with the standards of the US Public Company Accounting Oversight Board (PCAOB). The transition has forced the company to revise its 2025 net loss from SEK 141 million to SEK 223 million, driven by changes in revenue recognition rules, inventory valuations, and capitalized development costs.
The next major catalyst is the second-quarter earnings report, now delayed to August 27 to allow time for the PCAOB-compliant audit to be completed. Investors will be watching for updates on the company’s AI-powered photonics technology and the progress of its integration with the byNordic Acquisition Corporation SPAC deal.
Insider Trading Tells Two Stories
The expiration of a lock-up period on July 16 triggered a flurry of insider activity — but the signals point in opposite directions. The chairman of the board sold 275,000 shares to fund charitable donations and family obligations. Meanwhile, CEO Vickram Vathulya went the other way, purchasing 70,000 additional shares, bringing his total holding to 4,540,076.
Sivers Semiconductors at a turning point? This analysis reveals what investors need to know now.
Adding to the complexity, a closed period begins on July 28, during which executives are barred from trading under EU market abuse regulations until the next financial report is published. That deadline effectively freezes insider activity just as the stock is testing new lows.
Technicals Point to Oversold Territory
The 14-day relative strength index sits at 36.4, approaching the threshold that chartists consider oversold. But with volatility running at nearly 162 percent annualized, the stock remains prone to sharp moves in either direction. The gap between the year’s spectacular gains and the brutal correction of recent weeks leaves investors with a stark choice: a buying opportunity for the brave, or a value trap for the unwary.
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Sivers Semiconductors Stock: New Analysis - 24 July
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