Yes, exactly. Ideally (for the short-sellers) the stock would fall even further, as if the stock is at the exact level it was when they bought, then they'll only break even.
With current interest rates, it wouldn't have to fall much more, but yes. Plus opportunity cost, and a return to compensate for the risk [1], etc.
[1] It's very risky to short a stock as you can end up losing a very large amount of money, as stocks can increase many times in value. When holding a stock, your risk is finite, as it can only lose 100% of it's value. When shorting, the stock can double or triple in price.