EVCM: Put/Call Ratio Drops to 2.6σ Low as Borrow Market Stays Frozen

Why this matters: EverCommerce is up 26% this month. The borrow market remains structurally closed. Now the options market is sending a new signal — hedging demand is falling even as the stock climbs.

The Options Shift

The put/call ratio hit 3.47 on July 21. That is 15% below its 20-day average of 4.10. The z-score of -2.64 puts this move more than two-and-a-half standard deviations below the recent norm. That is a statistically rare drop in put demand. For a stock that has carried a PCR above 4.0 for most of the past month, the shift is notable. Fewer puts relative to calls means less hedging activity — or less conviction among bears that the rally will reverse.

A Borrow Market That Won't Open

Previous coverage tracked the borrow market's collapse and partial recovery in detail. As of July 20, availability sits at 2.7% — meaning roughly one share remains available for every 37 already borrowed. That is up from near-zero readings of 0.35%–0.66% seen on July 13–15, but still deep in near-exhaustion territory. The cost to borrow has continued retreating from its July 14 peak of 108% and now sits at 44% annualised. Cheaper to borrow. Still almost nothing to borrow.

The ORTEX short score stands at 95.3 out of 100. It has held above 93 for every session in the data window.

What the Insiders Are Doing

The insider signal has not changed. CEO Eric Remer and President Matthew Feierstein have sold shares on nearly every trading day in July. The 90-day net sales figure is 238,749 shares, totalling $2.35 million. Feierstein added 410,353 shares per the latest institutional filing — but the daily open-market sales continue alongside that. Both executives are selling into a 26% monthly rally.

The stock pulled back 4.4% on July 21. Earnings are due August 5.

Data Summary

• Price: $11.30 (–4.4% on the day, +26.3% past month)
• PCR: 3.47 vs. 20-day mean of 4.10; z-score –2.64
• Availability: 2.7% — tight, near-exhaustion levels persist
• Cost to borrow: 44% annualised, down from 108% peak on July 14
• Short interest: ~1.02% of free float; up ~17% over 30 days
• ORTEX short score: 95.3 out of 100
• Next earnings: August 5