Three distinct signals are firing on ACHV simultaneously. The borrow market is tightening fast, short interest is elevated and rising, and options traders are piling into calls at a historic rate.
The standout signal today is the lending market. Availability has collapsed to just 12% — meaning only one share remains available to borrow for every eight already lent out. That is a 52-week low, down from 29% just a week ago and from over 130% in late May.
The cost to borrow reflects that squeeze. It hit 5.54% on June 22, up 210% in one week. A month ago it sat below 1.4%. Shorts are paying materially more to maintain positions, and the pool is shrinking fast.
This is not a case of a small short position getting squeezed out. Short interest stands at 16.2% of free float — a genuinely elevated level for any stock. It has risen 6.3% over the past week and 26.6% over the past month.
More shares are being shorted even as the cost rises and availability tightens. That is an unusual combination. It implies conviction on the short side, but also increasing financial pressure on those positions.
The put-call ratio tells the opposite story. It dropped to 0.0227 on June 22, a 3.7-standard-deviation move below its 20-day mean of 0.0267. That is the most call-heavy positioning in recent memory.
The 52-week PCR range runs from 0.0081 to 0.144. At 0.0227, options traders are positioned firmly toward the bullish end. That directly contradicts the message from the borrow market.
Earnings are scheduled for July 2. That adds a near-term catalyst. HC Wainwright reiterated its Buy rating and $12 target on June 22 — the stock currently trades at $5.10. Six analysts carry Buy ratings with a mean target of $13.00, implying significant upside relative to the current price.
Availability dropping to 12% with earnings nine days away is the kind of dynamic worth watching closely.
See the live data behind this article on ORTEX.
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