The borrow market on CLVT remains effectively closed. Availability stands at 1.1% — barely a rounding error above yesterday's 52-week low of 0.43%. Every share in the lending pool is lent out. This has now been the condition for two consecutive days.
Since the two convergence reports published yesterday, the situation has not materially improved. Availability bounced fractionally from 0.43% to 1.11% overnight. The pool remains, for all practical purposes, empty.
Short interest ticked up again. It now sits at 9.18% of free float, a further 2.5% rise since July 6. Bears added shares even as the borrow pool was drying up — which means the marginal short was either borrowing at elevated cost, or rolling existing positions rather than opening new ones.
Cost to borrow rose to 1.01% as of July 7. That is up 79% over the past month. The absolute level remains low by historical standards, but the trajectory is steep. With availability near zero, the cost has room to move sharply higher if holders begin demanding a premium to lend.
The ORTEX short score sits at 78.3 out of 100. That places in the . The days-to-cover rank is 2nd percentile. These readings have been stable across the past week — the score has ranged from 77.3 to 78.7 since June 23. This is not a spike; it is a sustained extreme.
Barclays nudged its price target from $2.40 to $2.50 yesterday — while maintaining its Underweight rating. The consensus target is $2.50. The stock closed at $2.51 on July 7, sitting fractionally above where analysts collectively see fair value.
The next earnings print is July 29. The April print moved the stock 14.3% on the day. Options put-call ratio stands at 0.099 — elevated relative to the 20-day mean of 0.078, though the z-score has moderated from yesterday's 2.46 spike to 0.95. The options signal has partially normalised, but the borrow signal has not.
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