HSAI is sending three conflicting signals at once. Short sellers are piling in. The borrow pool is nearly empty. And options traders just loaded up on puts — on the same day the stock surged 15.6%.
Availability has collapsed to 3.9%. That is a 52-week low. It means roughly one share remains available to borrow for every 26 already lent out.
That tightness built fast. A week ago, availability sat at 10.7%. Before that, it was above 20%. The compression has been relentless through June.
Cost to borrow has followed. It stands at 1.24%, up 16% over the past week and 52% over the past month. The direction is clear, even if the absolute level is not yet extreme.
Short interest itself has risen 17.7% over the past week to roughly 6.69 million shares — up 10.9% over the past month. With availability this tight, adding to short positions is getting materially harder. Any new short seller competes for a near-empty pool.
Here is the tension. On June 30, HSAI rallied 15.6% in a single session. That same day, the put-call ratio hit 0.49 — 2.45 standard deviations above its 20-day mean of 0.43.
The PCR's 52-week range runs from 0.31 to 0.78. Tuesday's reading is elevated but not at extremes. What makes it notable is the timing: put demand rose sharply into a large rally. That suggests some participants are buying downside protection — or expressing a bearish view — precisely as the stock moves against them.
Whether that reflects short sellers hedging via puts, or fresh bearish conviction from options traders, the signal is the same. Skepticism is rising even as the price rises.
HSAI's ORTEX utilization rank sits at the 1st percentile — the most constrained borrow in the dataset. Its short score rank is 11th percentile, meaning the model flags meaningful short pressure. EPS surprise scores, however, sit at the 94th percentile, and EPS momentum over 30 and 90 days is at the 84th percentile. The fundamental picture has been improving. The short sellers disagree.
Next earnings are scheduled for August 10.
See the live data behind this article on ORTEX.
Open HSAI on ORTEX →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.
