Earnings-week options activity is flashing bearish signals across software. Two names stand out this week.
WDAY heads into its Tuesday print with short interest at 14.3% of free float. Bears have been active. ORTEX data shows short interest surged 41% in recent weeks. Options expiries cluster tightly around June 18 and June 26. That suggests traders are positioning for a sharp move — either way — immediately after results.
GTLB tells a similar story. Short interest sits at 15.1% of free float. GitLab reports on June 17. Active expiries span June 18 through July. Bears hold firm, per ORTEX data. Availability of shares to borrow is massive at 943% of short interest. That means shorts have easy access to add pressure if results disappoint.
SN stands apart. SharkNinja heads into Thursday's print with bulls in control. Short interest is 9.97% of free float. Availability is just 46.7% — meaning borrow is tighter and new shorts face more friction. Options expiries are sparse: June 18, then not until July. The thin options chain may amplify any post-earnings move.
TSLA is also drawing attention. Elon Musk claimed this weekend that Tesla sales actually rose after the $7,500 EV credit was removed. Short interest remains low at just 2.75% of free float. The September 2026 expiry is active in the options chain — a sign of longer-dated positioning. Markets appear skeptical of Musk's sales claims. Watch the near-dated June expiries for clues on sentiment.
Software earnings risk is dominating options flow this week. Bears are priced in for WDAY and GTLB. The question is whether results can deliver a squeeze.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
