QUBT shares have fallen 31% over the past month. Now the options market is catching up with what the borrow market has been signalling for days.
Why this matters: Four distinct data streams — short interest, cost to borrow, borrow availability, and options positioning — are all moving in the same direction at once. That kind of alignment is rare and typically reflects a sharpening of conviction, not noise.
The put-call ratio hit 0.73 on July 16. The 20-day mean is 0.65. That puts the reading 2.24 standard deviations above its recent average — a statistically meaningful move. Six weeks ago the PCR sat at 0.53. The steady climb toward 0.73 tracks almost exactly with the stock's 31% decline over the same window.
The 52-week high for the PCR is 1.23. There is room to run higher. But the pace of the move — from normal to elevated in a matter of weeks — is what stands out.
The previous ORTEX article four days ago noted zero availability in the QUBT borrow pool. Nothing has changed. Availability remains at 0% as of July 15. Every share in the lending pool is lent out. That has been the case for the majority of the past two weeks.
Short interest now stands at 29.8% of free float, up from 29.5% a week ago. The ORTEX short score has continued climbing: 73.5 on July 7, 76.1 by July 15. That is a consistent, steady grind higher — not a spike.
Cost to borrow is 13.84%, up 36% over the past week and up 301% over the past month. In early June it was below 3%.
Short sellers holding 29.8% of the float are paying nearly 14% annually to maintain those positions. They cannot easily add to them — availability is zero. They also cannot easily exit all at once without moving the price against themselves.
Days to cover stands at 3.78 per the most recent FINRA data. That is not extreme on its own. But combined with zero availability, a rising cost of carry, and a PCR now running 2+ standard deviations above its mean, the structural tension is building.
Earnings are scheduled for August 14. That is the next scheduled moment where the positioning dynamic gets tested against fresh fundamental information.
See the live data behind this article on ORTEX.
Open QUBT on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
