Short-sellers are once again setting their sights on AppLovin Corp., even after traders who bet against the software maker’s shares got burned with an estimated $3.4 billion in paper losses over the past six months. The amount of shares borrowed and sold short this week climbed to the highest level since March, according to S3 Partners LLC. That marks a reversal of the short-covering that unfolded as the stock more than doubled from its low for the year in April. The latest leg up, which pushed the share ...