VSAT Shorts Squeeze as Options Traders Turn Bullish

Viasat is up 40.6% over the past week. Short sellers are adding positions. Options traders are trimming downside hedges. All three signals are pointing in different directions — and that tension is worth watching.

Options Traders Dump the Puts

The clearest bullish signal right now is in options. The put-call ratio hit 0.51 on June 30, down from a 20-day mean of 0.63. That's 1.8 standard deviations below average. Traders are shedding protective puts even as the stock runs hard. That kind of positioning shift — buying calls, dropping hedges — reflects genuine conviction in the rally, not just passive drift.

Short Sellers Aren't Convinced

Short interest tells the opposite story. SI hit 8.65% of free float as of June 30, up 14.6% over the week. That's roughly 11.7 million shares short. Shorts are building into the rally, not covering. The ORTEX short score climbed to 56.7 — up from 52.3 a week ago. Still mid-range, but the trend is rising.

The cost to borrow doubled in a week, reaching 0.96%. That's the sharpest spike since late May. It remains cheap in absolute terms. But the direction matters — sharply rising borrow costs alongside rising SI means new shorts are paying more to establish positions, even as availability stays loose at 383%.

The Catalyst: Satellite Capacity

The stock's move follows news on satellite capacity expansion. Analysts have been lifting targets steadily. Needham raised its target to $90 in June. B. Riley went to $106 in May. Both maintain Buy ratings. The consensus mean target is $94.56 — close to where the stock closed on June 30 at $89.81.

That leaves little upside to consensus unless analysts revise again. With next earnings on August 7, the window for further target hikes is open.

One note of caution: insiders were selling in June. CEO Mark Dankberg sold over $25 million worth of shares on June 8, at prices between $63 and $69. CFO Garrett Chase sold a further $249,000 on June 22. Both transactions came well below the current price, suggesting they weren't anticipating this week's move — but the net insider flow over 90 days is net selling of roughly $27.6 million in value.

Data Summary

• SI % of Free Float: 8.65%, up 14.6% week-on-week
• Cost to Borrow: 0.96%, up ~109% in one week
• Availability: 383% — lending market remains loose
• Put-Call Ratio: 0.51, -1.8 standard deviations from 20-day mean
• Stock price: +40.6% over one week, closing $89.81 on June 30
• Next earnings: August 7, 2026
• Analyst consensus: Buy, mean target $94.56