Why this matters: Since the last convergence report on June 30, FIG has become materially harder to short. Availability has more than halved in a week. Options traders are now adding to the bearish chorus. And a fresh analyst reinstatement this morning sits in sharp contrast to where the data is pointing.
The June 30 report flagged availability at 13.1%. It has since dropped to 3.8%. That means roughly one share remains available for every 26 already borrowed — the tightest the lending market has been outside the 52-week absolute floor of near zero.
Short interest has continued climbing. Shares short hit 86.5 million as of July 3, up 6.4% on the week and 24.7% over the past month. SI now stands at 20.8% of free float.
The ORTEX short score sits at 73.0. FIG ranks in the 2nd percentile for utilization rank across all stocks. Only a handful of names in the entire universe have a tighter lending market.
The put-call ratio moved to 0.55 on July 6. That is 2.57 standard deviations above the 20-day mean. It is the highest PCR reading in the recent window, though still well below the 52-week high of 1.51.
The direction is clear: options positioning has shifted toward puts over a short window, aligning with the lending squeeze rather than contradicting it.
This morning, B of A Securities reinstated coverage with a Buy rating and a $30 price target. The stock closed at $21.08 on July 6. That implies more than 40% upside to the new target.
Wells Fargo cut its target from $42 to $36 on June 26. RBC Capital moved from $28 to $22 on June 25 — the only target currently sitting near where FIG is actually trading. The consensus is Hold, with a mean target of $32.38.
CEO/founder Dylan Field trimmed 4.57 million shares in the most recent filing. The CFO and CTO also sold in early June. Net insider selling over 90 days totals roughly $20.8 million.
What to watch: availability approaching the 52-week floor again, and whether the B of A reinstatement draws fresh buying against a still-crowded short book into August earnings.
See the live data behind this article on ORTEX.
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