Float is the subset of outstanding shares that actually trades. Percent-of-float metrics (short interest, volume/shares) swing harder when float is small, so verify float after buybacks, lockups, or ATMs.
“You are neither right nor wrong because the crowd disagrees with you.” — Benjamin Graham
Watch for:
- Recent issuances or cancellations that alter float.
- Insider ownership spikes that shrink float without changing outstanding count.
- High borrow fees that stem from tight float, not necessarily high conviction.