DJT arrives at its August 10 earnings release with options sentiment locked at the most bullish extreme of the past year — and the borrow market telling a story of retreating, not emboldened, bears.
The options signal is the clearest data point this week. The put/call ratio hit 0.6064 on August 7, the lowest reading of the past 52 weeks and now 2.4 standard deviations below its 20-day average of 0.66. That is a historically wide tilt toward calls. The move has been directional all week — PCR has drifted steadily lower from 0.68 at the start of August, suggesting call accumulation intensified as earnings drew closer. The stock closed at $10.21 on Friday, up 3.5% on the week and 25% over the past month, so the bullish options lean is reinforcing a genuine price recovery rather than fading into it.
Short interest is present but not the dominant force. At 5.1% of the free float — around 14.4 million shares — the short position is meaningful, but it has been consistently shrinking. ORTEX daily estimates show shorts have pulled back roughly 2.4% over the past week and around 1.7% from a month ago. The borrow market confirms that direction: cost to borrow has fallen nearly 20% over the past month to just 0.83%, historically low for a name that has seen CTB approach 1.4% as recently as late June. Availability has recovered from the year's tightest reading on June 30 — when barely one share remained available for every seven already borrowed — to roughly 50% now, a level that is still tight but no longer signalling acute squeeze pressure. The ORTEX short score of 64.4 places DJT in the 9th percentile for short-score rank, reflecting elevated but moderating short-side conviction.
On the ownership side, the register remains dominated by Donald Trump's 114.75 million shares — 41.4% of the company. Among institutional holders, BlackRock added 4.2 million shares in the most recent reported period, bringing its stake to 8.2 million shares. Yorkville Advisors trimmed by 5 million shares, the most notable reduction in the top-15 holder list. The institutional count remains narrow at 93 total holders, keeping the float dynamics tightly linked to sentiment rather than fundamental repositioning.
The earnings history offers limited comfort to either side. The last two quarterly prints both produced a 1-day move of approximately -2.1%, with the five-day drift extending the loss to around -3.9%. The February 2026 print briefly bucked that trend — up 1.1% on the day — but gave back 7.1% over the following week. With peers SNAP and RDDT both surging more than 13% on the week ahead of their own results, the sector backdrop is supportive, though DJT's price action has historically decoupled from fundamental sector trends.
The print on August 10 is therefore less about underlying media metrics and more about whether the call-heavy positioning survives contact with the numbers — and whether the borrow market, now at its loosest point since early June, tightens again if sentiment shifts post-announcement.
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