Cybersecurity Bets Fire Up Options Desks

BigBear.ai sits at the centre of one of the more striking options set-ups in the market right now. The AI defence software company carries a short squeeze score near the top of the US screening universe. Short interest stands at 29.2% of free float. Availability of shares to borrow has fallen to zero, meaning new short positions are almost impossible to open. DTC is 13.7 days. Options flow this week has been dominated by bearish bets, yet the structural squeeze pressure is building from the other direction. The CEO spoke publicly this week, warning that AI is "supercharging" cyber attackers and pitching private-sector defence contracts. That narrative has kept retail attention elevated.

EverCommerce presents a different kind of signal. The software company carries a DTC of 23.5 days and a short score of 96 out of 100, the highest in ORTEX's screen for names above a $500M market cap. Cost to borrow has reached 87.7% APR. That combination of elevated short interest and punishing borrow cost tends to concentrate options activity into calls from traders looking to exploit any forced covering.

On the macro side, the Russell 2000 ranking cut-off falls Thursday. Twist Bioscience jumped from 20% to 55% probability of graduating to the Russell 1000 overnight, per ORTEX Index Rebalance Radar. A confirmed addition would force $529M of buying. That kind of binary event drives options volume in the days before a cut-off, as traders position around the price line of $157.08.

CrowdStrike is down 44% year to date. Its short score of 32 reads as neutral, but the analyst community is split. That divergence tends to draw two-sided options flow heading into earnings season.