Three distinct signals are converging on CLVT ahead of its July 29 earnings date. Short interest is rising, the borrow market is tightening sharply, and options traders just placed their most bearish wager of the year.
Availability has fallen to 32% — down from over 113% just two weeks ago on June 26. That means roughly one share remains available to borrow for every three already lent out. At the tightest point in this window, June 30, availability hit just 6%. The lending market has rarely been this constrained. Cost to borrow has risen 34% over the past month to 0.78%, still low in absolute terms but moving in one direction.
SI sits at 9.0% of free float, up 15.6% in a single week. That is a meaningful acceleration. A month ago, the short position was roughly 7% of float. Bears have added shares steadily since mid-June, and the tightening borrow supply suggests demand for shorts is outpacing new inventory entering the lending pool.
The ORTEX short score stands at 78.5 out of 100 — placing CLVT in the top 1% of names by short score rank. Days-to-cover rank sits at 2nd percentile. These are extreme readings.
The put-call ratio jumped to 0.14 on July 6. That is a 2.46 standard-deviation spike above the 20-day mean of 0.078. It is also near the 52-week high of 0.153. The move is notable because CLVT's PCR had sat in a narrow 0.05–0.06 range for most of May and early June. The sudden shift toward puts suggests some market participants are positioning defensively ahead of earnings.
Clarivate's last earnings print, on April 29, produced a +14.3% single-day move. The next report is 22 days away.
Wall Street has spent months cutting targets. Goldman Sachs downgraded to Neutral in January. Morgan Stanley and Jefferies both cut to underweight/hold in late 2025. The consensus mean price target is $3.60 — still well above the current $2.44 close, but the direction of estimate revisions has been consistently lower. The EPS momentum 30-day factor score sits at just the 26th percentile.
What to watch: Whether borrow availability continues tightening into earnings on July 29. Sub-20% availability alongside a rising short position would intensify the squeeze risk calculus heading into that print.
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