CRSR heads into its Q2 2026 earnings release today with short sellers meaningfully more aggressive than they were a month ago.
Short interest has climbed nearly 47% over the past 30 days, reaching almost 8% of the free float — a level that warrants attention on its own. The build has been steady and persistent: from roughly 5.8 million shares short in early May to 8.5 million by June 12. Despite that accumulation, the borrow market remains loose. Availability runs at 364% — meaning there are more than three and a half shares available to borrow for every one already shorted — and cost to borrow is a modest 1.45%, well below distressed territory. That combination means the short buildup reflects genuine bearish conviction rather than a technically constrained position. Options positioning has also shifted more cautious over the same period: the put/call ratio climbed from near-historic lows of around 0.10 in mid-May to 0.53 today, running above its 20-day average of 0.39. The stock itself is up 27% over the past month to $8.52, so at least some of that options demand reflects investors hedging into a meaningful run-up rather than pure pessimism.
The analyst community is split, and the direction of recent moves signals caution. Craig-Hallum downgraded to Hold on June 1, setting a $10 target, while Barclays maintained its Overweight with a $9 target and Wedbush held Outperform at $8. The consensus sits at Hold across seven analysts, with only two carries a Buy. Bulls point to an extraordinary forward earnings growth projection — analysts anticipate a dramatic year-on-year EPS recovery — and improving financial health metrics. Bears argue that the gaming hardware market remains structurally difficult: semiconductor costs, subdued consumer spending on peripherals, customer concentration risk, and intense competition all weigh on the near-term outlook. At 11.4x trailing earnings and 8.9x EV/EBITDA, valuation is not stretched, but both multiples have drifted higher over 30 days as the stock rallied — the PE expanded by over 2 points in a month.
One complicating wrinkle in the ownership picture is EagleTree Capital's dominant 52.7% stake, which leaves a relatively thin float for the short interest build to operate against. That concentration amplifies the significance of short positioning even when borrow availability looks comfortable. The most recent prior earnings print, in May, produced a one-day gain of 8.5% — a reminder that the stock can move sharply on results when sentiment has been running bearish.
Today's print is therefore a direct test of whether the Q2 revenue trajectory and gross margin recovery justify the stock's one-month re-rating, or whether the short sellers who have been steadily rebuilding positions since late May have correctly anticipated a miss.
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