YSS Options Fear Spikes as Borrow Cost Hits 238%

The options market is flashing its loudest warning yet on York Space Systems. The put-call ratio jumped to 1.30 on June 22 — 4.1 standard deviations above its 20-day mean of 0.79. That is the highest PCR reading in four weeks and nearly approaches the 52-week peak of 1.46.

This is not an isolated signal. Three distinct data streams are now pointing the same direction simultaneously.

The Borrow Market Has No Room Left

Availability on YSS has been effectively zero for weeks. The latest reading is 0.05% — meaning for every 2,000 shares already borrowed, just one remains available. That is not a stressed market. That is a locked market.

Cost to borrow reflects it. CTB hit 238% on June 22. One week ago it stood at 137%. One month ago it was below 13%. Short sellers are now paying more than two dollars annually for every dollar borrowed to maintain their positions.

The prior article noted CTB at 149.5% on June 17. Since then it has risen another 59 percentage points. The borrow situation has not stabilised — it has worsened.

Options Buyers Turn Defensive

The PCR move is striking in context. For most of May and early June, the ratio held in a tight band around 0.72–0.79. It barely budged. Then on June 22, as the stock fell 6%, put buying surged and the ratio leapt to 1.30 in a single session.

A z-score of 4.1 puts this reading deep into statistical extremes. The last time the ratio approached this territory was the 52-week high of 1.46 — no date provided in the data, but the current level is the closest it has come since.

Short Score Climbs to 78

The ORTEX short score for YSS reached 78.0 on June 22, up from 75.3 on June 18. That four-point move in four sessions is meaningful. The score has now risen steadily for two weeks. It reflects the convergence of tight availability, elevated CTB, rising short interest, and deteriorating price action.

Short interest itself has grown roughly 27% over the past month in raw share terms, reaching approximately 7.6 million shares as of June 22.

What to Watch

Next earnings are scheduled for August 13. The prior two reports produced 1-day moves of -10% and -15% respectively. With borrow locked out, CTB at 238%, and options positioning the most defensively skewed in a month, the setup into that date will bear close monitoring.

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• Price (Jun 22): $28.96, down 6% on the day, down ~5% on the week
• Cost to borrow: 238%, up 74% in one week, up ~1,794% in one month
• Availability: 0.05% — effectively zero
• Put-call ratio: 1.30, z-score 4.1 vs. 20-day mean of 0.79
• ORTEX short score: 78.0, up from 75.3 four sessions ago
• Short interest (est.): ~7.58M shares, up ~27% over 30 days
• Next earnings: August 13, 2026