Options traders and short sellers are sending the same message on INFQ this earnings day. Bears are retreating. Calls are piling up. The borrow market remains almost entirely seized.
Short interest has fallen 10.5% over the past week to 26.3 million shares. The month-on-month decline is 20%. Bears have been covering steadily into the stock's rally — INFQ is up 9.6% on the week and 20% over the past month from $12.18.
That covering is happening against a backdrop where borrowing new short positions is near-impossible. Availability sits at just 0.45% — roughly one share left in the lending pool for every 220 already borrowed. That is the tightest end of a range that has spent most of the past six weeks below 5%.
The put/call ratio dropped to 0.27 on August 13. That is 2.1 standard deviations below the 20-day average of 0.30 — the most call-skewed reading in recent weeks.
For context, the 52-week PCR high was 0.90. Today's 0.27 sits near the low end of the annual range. Options positioning ahead of this evening's earnings release is decisively bullish.
Five analysts currently rate INFQ a buy. The consensus price target is $20.60 — a 69% premium to yesterday's close. Wedbush assumed coverage on August 3 with an Outperform rating and a $20 target. Canaccord Genuity initiated with Buy at $22 in early July. No analyst has cut the stock in the available record.
The ORTEX short score sits at 67.2, broadly steady over the past two weeks, suggesting the structural short case hasn't shifted materially despite the SI decline.
Earnings are due after the close today. The last print, in May, sent the stock down 6.4% on the day but recovered 10.6% over the following week. Availability is so thin that any post-earnings short-covering move would face a structurally constrained lending market — which itself amplifies any upside reaction if results surprise.
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