PSKY ends the week with its short score creeping back up and a Q2 earnings date confirmed for July 21 — a setup where the tentative short-side retreat noted last week is quietly reversing.
The ORTEX short score closed at 71.0 on June 30, up from the 68.9 trough on June 23. That's a meaningful reversal from the eight-session slide flagged in last week's note, when the score had fallen from 72.1 to 69.1. The score now sits roughly where it was before that slide began. Short interest reinforces the turn: shares short rose 3.8% on the week to 78.75 million, clawing back roughly two-thirds of the prior week's unwind. The 90-day FINRA settlement figure of 82.3 million shares suggests the real outstanding position remains closer to the May highs than the June lows imply.
The lending market has eased considerably since the mid-June tightness, and that loosening is now holding. Availability runs at 108%, with about one share available for every share already lent — roughly in line with late May. That compares to the 63% reading on June 15, when cost to borrow spiked to 3.1%. Borrowing costs have since deflated to just over 1%, their lowest in 30 days, meaning new shorts face little friction. The 52-week minimum availability of 0.03% is a reminder of how tight this name can get, and the current reading represents a reasonably open window for builders. Options positioning is similarly measured: the put/call ratio of 1.06 sits marginally below its 20-day average of 1.09, with a z-score near zero — there's no unusual hedging demand in front of earnings, which is notable given the stock's recent history of negative post-print reactions.
The Street remains largely cautious but divided. Morgan Stanley upgraded to Overweight in early May with a $14 target — a clear outlier against the broader analyst tone. Wells Fargo and Bank of America both hold negative ratings, with Wells cutting its target to $7 in May; that $7 figure sits well below the current $9.86 price and the consensus mean near $12.64. The consensus itself implies about 28% upside from here, but that mean is dragged higher by a handful of constructive targets amid a majority of cautious holds and underweights. Valuation offers some support on paper — the EV/EBITDA multiple of 6.4x has compressed slightly over the past 30 days, and price-to-book at 0.97x is effectively at par. The bull case rests on sports retransmission holding firm and new leadership reviving the content engine; the bear case points to a 41% revenue decline since 2021 and the risk that the DTC transition destroys linear economics faster than streaming revenues replace them.
The insider picture adds a mild negative lean. CEO David Ellison sold $1.37 million in stock on May 7, alongside COO Andy Brandon-Gordon selling just over $1 million the same day — both tied to award grants, which softens the signal, but the net 90-day insider value works out to a modest $3.55 million in outflows when grants are stripped away. Ellison retains a dominant 30.2% of outstanding shares, so the position is far from being unwound, but the pattern of selling on strength is worth noting into a print where the stock has given back 7% over the past month to trade at $9.86.
The July 21 earnings date is the sharpest near-term focus. The last two quarterly prints both delivered single-day declines of roughly 3.6–3.9%, with the May 2026 result extending to a 11.5% loss over the following five days. With short interest rebuilding, the score recovering, and borrow cheap enough to make new positions frictionless, the question into next month is whether that pattern repeats or whether Morgan Stanley's upgrade thesis — still unproven in the price — starts attracting follow-through.
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