WULF has gained another 2.7% on the week and 26% over the past month, yet the stock's most interesting development this week isn't price action — it's the divergence between a loosening borrow market and an analyst community that keeps raising its hand.
The positioning picture has shifted meaningfully since the previous note. Borrow availability swung sharply: from a tight 51% on Monday to 114% by Tuesday's close, meaning the lending pool has more than doubled in a single session. That reversal pulls WULF away from the squeeze-pressure narrative that defined last week. Short interest itself is barely changed — at 26.2% of the free float (roughly 109.8 million shares), it has nudged up just 0.2% on the week, a flat reading despite the continued rally. Cost to borrow has actually ticked up 12% week-on-week to 0.69%, but the absolute level remains low, meaning shorts are not yet feeling a painful carry. The 52-week availability low of 1.6% is a long way down from here, so the squeeze mechanism hasn't disappeared — it has simply reset. Options traders have moved a touch more defensive: the put/call ratio at 0.39 is nearly two standard deviations above its 20-day average of 0.36, making it the most cautious reading in recent weeks, though still far below the 52-week high of 0.69.
The Street is unusually active on WULF right now, and the direction is decisively bullish. Bank of America initiated coverage with a Buy and a $34 target on June 15 — the most recent major-firm action. Before that, Bernstein came in with Outperform and a $46 target on June 4, the most aggressive call in the group. Morgan Stanley lifted its target to $42 from $41.50 in late May, and B. Riley, KBW, Cantor, and Needham all raised targets around the May 11 earnings. The consensus across 10 Buy-rated analysts lands at a mean target of $36.34, roughly 26% above the current $28.78 close. The bull case centres on the 117% jump in HPC lease revenue in Q1 2026 and the pivot toward contracted AI infrastructure income. Bears counter with customer concentration risk — a handful of hyperscalers control the revenue profile — and residual bitcoin price exposure as mining revenue continues to shrink as a share of the mix. EV/EBITDA has compressed to 39x, down roughly 8% over the past month as the stock has run faster than estimates, which is worth watching as the stock approaches the lower end of analyst targets.
The institutional register adds texture to the ownership story. Jane Street added 25.7 million shares in the quarter ending April 28 — a large and rapid build for a market-making firm. Citadel added 10 million shares through late May. Vanguard entities together hold over 7.6% of the company. That concentration of institutional capital alongside 26% short interest creates a float that is, in aggregate, quite tightly held. On the insider side, the picture is less constructive: CEO Paul Prager sold roughly $8.4 million worth of stock across three tranches in late May at prices between $24.43 and $26.57, and CTO Nazar Khan sold $9.6 million on May 18 — though both sales coincided with stock-award grants, which partially offsets the signal.
Earnings history reinforces one consistent pattern: WULF has sold off on the day of each of its last three results, falling between 2.5% and 10% immediately after the print, even where the five-day window later recovered some ground. The next event is scheduled for August 7, and with the stock having run 26% in a month into that date, the setup will be worth tracking as positioning evolves between now and then — particularly whether the 26% short base either covers into strength or rebuilds as the earnings window approaches and borrow availability fluctuates.
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