Thoughts on Short % of Float

[hlacheen]

Can you gain anything meaningful using this metric?

One of my holdings in particular, PRAA, I noticed has a Short % of Float of 35.5% according to Yahoo. This seems really, really high. The number of shares short has also been rising. It is 5.5m as of April 10th, and it was 4.5m the month prior.

I'm more of a fundamentals investor type of guy, can any traders give me some insight on the implication of a large amount of shorts, if any?