SRAD: Analysts Cut Hard, But Options Traders Buy the Dip

Ten analyst firms slashed targets on SRAD in 48 hours. Options traders promptly ignored them.

That split is the defining tension in Sportradar right now. The wall of target cuts tells one story. A put-call ratio at its lowest point since late June tells another.

Analysts Move in a Herd

The damage came fast after earnings. UBS downgraded from Buy to Neutral and cut its target from $30 to $16. BTIG and Wells Fargo also downgraded. Seven other firms kept their ratings but trimmed targets — Macquarie, Truist, JP Morgan, Citigroup, Guggenheim, Citizens, and Canaccord all moving lower.

The stock sits at $12.91. The consensus target is now $16.75. That still implies roughly 30% upside from current levels. Most firms remain constructive. The downgrades are coming from the margins, not the core bull camp.

The bear case is clear: slower renewal rates on league data rights, regulatory uncertainty in sports betting, and possible pressure on consumer spending. The NBA's absence from a recent data deal drew attention.

Options Traders See It Differently

The put-call ratio hit 0.26 on August 4 — 2.1 standard deviations below its 20-day mean of 0.28. That is the lowest reading since late June.

Call dominance at this level is notable. It arrives the same week the stock dropped 12.9%. Traders buying calls into a sell-off signals conviction that the move has been overdone — or at minimum, that near-term recovery positioning is underway.

Short Sellers and the Lending Market

Short interest has climbed 32% over the past month, reaching 14.1 million shares as of August 4. That is a meaningful build.

The borrow market is tightening in parallel. Cost to borrow jumped 84% in one week to 0.90%. Availability has dropped to 166% — down from 798% on July 2. That is still in the tight-but-manageable range, but the direction is clear. Every week of new short selling compresses the available pool further.

The ORTEX short score sits at 63.8, up sharply from 50.7 two weeks ago.

What to Watch

Sportradar's next earnings event is August 19. The last print triggered an 11.2% single-day drop. With short interest rising, availability tightening, and call buyers now active, the August 19 setup is shaping up as a high-stakes divergence trade.

---

• Price: $12.91 (Aug 4), down 14% in one month
• Short interest: 14.1M shares, +32% month-on-month
• Cost to borrow: 0.90%, up 84% week-on-week
• Availability: 166%, down from 798% on July 2
• Put-call ratio: 0.26, −2.1σ below 20-day mean
• Consensus target: $16.75 across 10+ analysts
• Next earnings: August 19