DJT heads into its August 10 earnings release with options sentiment at its most bullish in a year — and the stock has added another 3.5% on the week to reinforce that lean.
Yesterday's article noted the put/call ratio near its 52-week low. That picture has not changed: the PCR clocked 0.6064 on August 7, the lowest reading of the past year and now 2.4 standard deviations below its 20-day average of 0.66. The signal is unambiguous — call demand is overwhelming put demand by a historically wide margin. The stock closed at $10.21, up more than 25% over the past month, meaning the bullish options tilt follows a genuine price recovery rather than arriving out of context.
Short interest offers a marginal counterweight, though not a dramatic one. At 5.1% of the free float, the short position is real but shrinking — down roughly 2.4% over the past week and off about 1.7% from a month ago. Borrowing costs have eased further to 0.83%, down nearly 20% from a month ago. Availability has loosened compared to the year's tightest reading in late June, when barely one share remained for every seven already borrowed. It has now recovered to roughly 50% — still in tight territory, meaning there are only about one-and-a-half shares available for every two already lent out, but meaningfully less constrained than it was six weeks ago.
The ownership structure adds an unusual dimension. Donald Trump holds 41.4% of shares outstanding directly, a block that effectively anchors the float and amplifies the impact of any institutional repositioning. BlackRock recently added 4.2 million shares — now holding nearly 3% — making it the largest conventional institutional holder. Insider activity, by contrast, has been one-directional: the CFO, CTO, and General Counsel all sold shares in May at prices between $8 and $9, well below the current $10.21 level. Those sales took place when the stock was softer; the subsequent rally has shifted the framing.
The August 10 print will test whether the company's fundamentals — revenue growth and the path toward profitability — can provide a rational basis for a stock whose price action remains driven as much by sentiment and positioning as by any conventional earnings metric.
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