DJT Heads Into Earnings With Bulls Firmly in Control of the Options Market

DJT reports after the bell today with one signal standing out sharply from the rest: options traders are the most bullishly positioned they have been in a year.

The put/call ratio has dropped to 0.61, nearly matching the 52-week low of 0.6115 — and sitting almost 2.7 standard deviations below its 20-day average of 0.66. That is not a subtle lean. It represents an unusually pronounced tilt toward calls relative to puts, a setup that implies the options market is pricing in a meaningful chance of upside on the print. The stock enters the session at $9.89, down roughly 5% on the week but up 14% over the past month — so the bullish options positioning follows a period of genuine price recovery.

Short interest adds texture rather than drama to the setup. At 5.1% of free float, shorts remain present but have been gradually retreating — down nearly 6% over the past week and off about 4% from a month ago. Borrow conditions have loosened considerably: cost to borrow has fallen 27% over the past month to just 0.9%, well below the elevated rates seen in mid-June. Availability has eased from its tightest point of the year — when just one share remained available for every seven already borrowed in late June — to a less stressed 53%, suggesting there is no active squeeze dynamic in the lending market heading into the print.

The broader debate around DJT is structural. Bulls point to the month-long price recovery and the options market's decisive call bias as signs that retail and speculative interest remains strong around the Trump Media brand. Bears anchor to fundamentals: return on assets is deeply negative, revenue growth has slowed sharply, and all recent insider activity has been on the sell side — the CFO, CTO, and General Counsel all trimmed positions in May at prices below the current level. BlackRock added over 4 million shares as of late July, the most notable institutional move in the data, but the stock's 92 institutional holders represent a thin institutional base for a Nasdaq-listed name. No analyst price targets are available for comparison.

Historical reactions have been modest and skewed negative. The last two prints each produced a roughly 2% one-day decline followed by further weakness over five days. The report tonight will test whether the unusually bullish options positioning reflects genuine conviction — or simply reflects how deeply sentiment-driven the stock remains.