Equity · Core
Public Float
Public float is shares available to ordinary trading — outstanding minus restricted, insider, and sometimes strategic blocks.
Definition
Indexers and ADV math use free float, not fully diluted shares. A tiny float with a large market cap is a squeeze waiting for a narrative. Short interest is often quoted as a percent of float, not of shares out.
Why it matters
Impact, borrow, and index inclusion are float problems. Headline market cap can lie about how much stock actually trades.
Case
A low-float meme name with 25% of float short. Covering is not a 2% ADV event; it is a float event.
How to read it
Use free-float market cap for liquidity. Pair short interest with float and with borrow, not with shares outstanding.
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