The last shares available to borrow on CLVT are nearly gone. Availability has crashed to 0.43% — down from 32% just four days ago and from over 113% on June 26. For every 230 shares already lent out, fewer than one remains in the pool. That is a 99% collapse in available supply in a single week.
Since the previous convergence report published earlier today, conditions have deteriorated further. Availability on July 3 was still 32%. It is now effectively zero. This is the tightest the borrow market has been in the past 52 weeks.
Short interest stands at 9.0% of free float. That is up 14% over the past week and roughly 6.7% over the past month. Bears have been building steadily since mid-June — and the disappearance of available supply confirms that demand for borrows has overwhelmed what lenders are willing to put in. New shorts cannot easily be established at this point without paying up sharply or waiting for inventory to return.
Cost to borrow has risen 63% over the past month to 0.88%. In absolute terms it remains low, but the direction is clear. If availability stays near zero, the cost will follow upward.
Barclays raised its price target this morning — from $2.40 to $2.50. The rating stays Underweight. At $2.44, the stock is trading almost exactly at that target. The consensus mean target sits at $3.60, but the recent trajectory has been downward. Goldman Sachs downgraded in January. Morgan Stanley cut to Underweight in December. RBC and Citi have both trimmed targets this year.
BlackRock added 9.05 million shares in the period to June 30. Edmond de Rothschild added 5.99 million. Those are meaningful inflows from institutional holders — but they sit alongside a short score of 78.3 out of 100, placing CLVT in the top 1% of names by that measure.
Earnings land on July 29. The last print — April 29 — moved the stock 14.3% in a single day and 10.8% over the following five days. That context matters for anyone holding a short through the date. With availability at near-zero, covering in size will not be easy if the print surprises to the upside.
The put-call ratio stands at 0.099, elevated relative to the 20-day mean of 0.076. Options traders are more defensively positioned than usual, though not at extreme levels on today's snapshot.
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