June 2026 Monthly Short Selling Report
22 reports, a -7.23% average impact, and a 63.6% success rate. Viceroy Research takes the June crown. Full rankings and analysis inside.
Activ8 Newsroom • July 2, 2026
June 2026
Activist Short Selling Performance Report
Activist short sellers put up solid numbers in June. Fourteen investigators published 22 reports, and 14 of those campaigns saw their targets decline by month-end, a 63.6% success rate that produced an average impact of -7.23% across the full slate. Ten campaigns pushed their targets down 10% or more, and five cleared the 25% threshold, led by Fugazi Research's takedown of Astrotech Corporation (ASTC), which shed 58.7% after the firm laid out a thesis of five consecutive failed strategic pivots and four months of remaining cash runway.
The month was not without resistance. Robo.ai (AIIO) surged 70.4% after Shortfinder's report, a reminder that momentum-driven microcaps can run hard against even well-documented theses, and both of Grizzly Research's European campaigns finished in the red for shorts. But the broader pattern was clear: reports built on stock promotion, cash burn, and governance allegations found their mark, and micro and small cap targets in particular gave ground quickly.
Top Performers
The five most effective campaigns of June, measured from report publication through month-end close.
| Ticker | Research Firm | Impact | |
|---|---|---|---|
| ASTC | Fugazi Research | -58.73% | |
| SEGG | White Diamond Research | -40.38% | |
| SPCE | Shortfinder | -34.47% | |
| ABXX.NE | Viceroy Research | -34.46% | |
| HYLN | Pelican Way Research | -25.62% |
Astrotech's 58.7% collapse was the defining move of the month. Fugazi Research documented $262 million in shareholder value destroyed across five strategic pivots, a CEO holding four executive roles simultaneously, and a balance sheet with roughly four months of runway. The market needed little convincing. White Diamond Research's SEGG campaign followed a similar promotion-focused playbook, alleging at least 14 fraudulent press releases (including a claimed Polymarket partnership) and referring the company to the SEC just days before the FIFA World Cup catalyst the company had been promoting.
Stock Prices that Defied the Reports
Five targets that finished the month higher despite published short theses.
| Ticker | Research Firm | Impact | |
|---|---|---|---|
| AIIO | Shortfinder | +70.43% | |
| PIRC.MI | Grizzly Research | +17.79% | |
| AL2SI.PA | Grizzly Research | +11.16% | |
| RDW | Fugazi Research | +7.94% | |
| ENSG | Muddy Waters Research | +5.70% |
Robo.ai's 70.4% rally against Shortfinder's report was the month's clearest example of momentum overwhelming a short thesis in the near term. Grizzly Research's two European campaigns, targeting Pirelli's Russian operations and 2CRSi's accounting, both ran into resilient share prices, though geopolitical and accounting theses often take longer to play out than promotion calls. Muddy Waters' Ensign Group report landed on a $9.8 billion healthcare operator with deep institutional ownership, the kind of target that rarely moves quickly on publication day.
22 companies were targeted by activist short sellers in June alone. Get real-time alerts the moment a short report drops on a stock you own, before the headlines catch up.
Market Breakdown
Where June's campaigns were listed and headquartered.
By Exchange
Geographic Distribution
US-listed names dominated the month with 17 of 22 reports, and the smaller US venues punched above their weight: the two AMEX campaigns (both from Pelican Way Research) averaged -21.05%, while the three NYSE targets averaged -14.69%. The five international campaigns were a mixed bag, with Viceroy's -34.46% result on Cboe Canada and Ningi's -11.43% in Stockholm offset by positive returns in Paris, Milan, and Toronto.
Industry Analysis
Sector concentration and results across June's 16 target industries.
| Industry | Reports | Avg Impact | Key Tickers |
|---|---|---|---|
| Software - Application | 3 | -11.84% | CAST, ABXX.NE |
| Auto - Parts | 3 | +20.87% | HYLN, AIIO, PIRC.MI |
| Aerospace & Defense | 2 | -13.26% | RDW, SPCE |
| Medical - Care Facilities | 2 | +0.20% | ENSG |
| Scientific & Technical Instruments | 1 | -58.73% | ASTC |
| Gambling, Resorts & Casinos | 1 | -40.38% | SEGG |
| All Other Industries | 10 | -6.08% | GIL, CITR, EQPT, VELO, SIVE.ST, others |
The Auto - Parts figure deserves an asterisk: all three campaigns targeted very different businesses (a power module company, a robotics promotion, and a global tire manufacturer), and the +20.87% average is almost entirely a product of Robo.ai's 70.4% surge. Strip that one name out and the remaining two averaged -3.9%. Software targets, by contrast, declined consistently, with all three campaigns finishing negative for the companies.
Market Cap Analysis
Campaign results by target size at report publication.
Sub-$1B targets, which made up 12 of the month's 22 reports, averaged roughly -9.3% and produced every one of the month's five steepest declines. Mid-cap targets proved stickier at -4.03%, consistent with the deeper liquidity and institutional ownership that larger names carry. The lone large-cap campaign, Ningi Research's report on Sivers Semiconductors, bucked the size trend with an 11.4% decline against a $12.4 billion valuation, though a single data point is hardly a pattern.
Firm Performance Rankings
All 14 firms ranked by average campaign impact, June reports only.
Shortfinder's ranking illustrates how a single runaway target can define a month. The firm published the most reports of any investigator (four) and landed the third-best individual result of June with Virgin Galactic's 34.5% decline, but Robo.ai's 70.4% rally pulled its monthly average firmly positive. Fugazi Research faced a similar dynamic in reverse: its historic ASTC call was partially offset by Redwire finishing up 7.9%.
Fourteen firms published in June, with campaign results spanning -58.7% to +70.4%. The dashboard tracks over 1000 historical campaigns so you can see every investigator's win rate and average impact before acting on their next report.
Notable Campaigns
Four storylines that defined the month.
The Runway Runs Out
-58.73%Fugazi documented $262 million in shareholder value destroyed across five failed strategic pivots at Astrotech, a CEO holding four executive roles at once, roughly four months of cash runway, and a newly announced lunar pivot with zero customers. The stock lost more than half its value, the steepest decline of any June campaign.
Cash Burn Micro-CapFourteen Press Releases, Zero Revenue
-40.38%White Diamond alleged SEGG Media issued at least 14 misleading press releases, including a claimed Polymarket partnership, while generating no revenue from its lottery.com and sports.com properties. The firm reported the company to the SEC days before the World Cup catalyst SEGG had been promoting, and the stock fell 40% by month-end.
Stock Promotion SEC ReferralOne Shot, One Crown
-34.46%Viceroy's lone June report targeted Abaxx Technologies, a Cboe Canada-listed software company carrying a $1.1 billion valuation at publication. The stock declined 34.5% by month-end, giving Viceroy the steepest average impact of any firm this month and the Short King title on a single, precise campaign.
Short King InternationalTwo Firms, One Target
+0.20%The Ensign Group absorbed two reports in four days: Hunterbrook alleged systematic understaffing generating an estimated $161 million in cost savings, and Muddy Waters followed with accounting manipulation claims. The $9.8 billion skilled nursing operator barely moved on a net basis, showing how much pressure a larger, institutionally held name can absorb.
Dual Coverage HealthcareStrategic Insights
What June's data tells us about the state of activist short selling.
Promotion and cash-burn theses did the heavy lifting
The month's five steepest declines (ASTC, SEGG, SPCE, ABXX.NE, HYLN) all rested on allegations of stock promotion, unsustainable cash consumption, or governance failure rather than pure valuation arguments. When investigators could point to a concrete mechanism, dilution overhangs, fabricated announcements, or expiring runway, the market moved fast.
Momentum remains the short seller's most dangerous opponent
Robo.ai's 70.4% rally against Shortfinder's report was the single largest move of the month in either direction. Retail-driven microcaps with active promotional momentum can inflict severe near-term losses regardless of a thesis's underlying merit, and June's average impact would have been -10.9% without that one name.
Size buys resilience
Sub-$1B targets averaged roughly -9.3% while mid-caps averaged -4.03%, and the clearest illustration was Ensign Group absorbing two separate reports in one week with a nearly flat net result. Larger targets with institutional ownership demand patience and stronger catalysts.
Smaller US venues were the sweet spot
The AMEX and NYSE slates averaged -21.05% and -14.69% respectively, well ahead of NASDAQ's -4.91%. Pelican Way Research's two AMEX campaigns (HYLN and CITR) both cleared -16%, suggesting the less crowded corners of the US market offered June's best risk-reward for short campaigns.
European campaigns need longer clocks
Grizzly Research's Pirelli and 2CRSi reports both finished the month with the stocks higher, while Ningi's Stockholm-listed Sivers campaign worked to the tune of -11.4%. Complex accounting and geopolitical theses on continental exchanges historically take more than a few weeks to resolve, and June's one-month snapshot reflects that timing reality rather than a verdict on the underlying work.
Short King of the Month
Viceroy Research takes the June crown with the steepest average campaign impact of any investigator this month. The firm's single report on Abaxx Technologies (ABXX.NE) drove a 34.46% decline from publication through month-end, a clean, decisive result against a $1.1 billion target. In a month where several firms saw strong individual calls offset by campaigns that moved against them, Viceroy's one-report precision carried the title.
The Bottom Line
June rewarded conviction and specificity. A 63.6% success rate and a -7.23% average impact across 22 reports made this a strong month for the activist short community, and the wins clustered around theses with concrete, verifiable mechanisms: Astrotech's cash runway, SEGG's press release trail, Hyliion's letter of intent, and Abaxx's valuation. Investigators who could show the market exactly how and when value would be destroyed were paid quickly.
The losses carried their own lesson. Robo.ai's 70% surge, Pirelli's resilience, and Ensign's shrug in the face of dual coverage are all reminders that publication is the beginning of a campaign, not the end of one. Momentum, size, and jurisdiction each impose their own timeline, and a one-month measurement window will always flatter the fast movers. Several of June's red entries may look very different by the time the September data arrives.
Fourteen firms published in June, from established names like Muddy Waters and Viceroy to newer entrants like Umibozu and Morpheus. That breadth, spread across seven countries and eight exchanges, is the clearest signal of all: the activist short ecosystem remains deep, global, and active heading into the second half of 2026.
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Disclaimer: This report is for informational and educational purposes only and does not constitute investment advice, a recommendation, or a solicitation to buy or sell any security. Performance figures are calculated from report publication date through June 30, 2026 month-end closing prices and do not represent the returns of any actual investment strategy. Short selling involves substantial risk, including the potential for unlimited losses. Activ8 Insights does not hold positions in the securities mentioned and is not affiliated with any research firm referenced in this report. All allegations described herein are those of the respective research firms and have not been independently verified by Activ8 Insights. Past performance of any research firm or campaign is not indicative of future results. Always conduct your own due diligence and consult a licensed financial advisor before making investment decisions.
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