Short interest has fallen 8% over the past month while the stock surged 45%, reaching $587.62. Options sentiment has flipped sharply bullish ahead of tonight's print.
Short interest stands at 9.0 million shares, representing 4.13% of the free float.
That marks an 8.2% decline from month-ago levels. The pullback accelerated in recent sessions — shorts covered 1.6% of positions over the past week alone. Days to cover sits at 2.3 according to the latest FINRA data. Short sellers appear to be de-risking into the event, a notable shift from the heavier positioning seen in March.
The put/call ratio collapsed to 1.14 on April 23, down from a 20-day average of 1.96.
That represents a Z-score of –2.78 — nearly three standard deviations below the recent mean. The shift signals a dramatic rotation toward bullish bets. Over the prior three weeks, traders maintained a consistent put-heavy stance above 2.0. The reversal suggests either profit-taking on downside protection or fresh optimism heading into the quarter.
Analyst data is not currently available in the snapshot provided.
STX has delivered mixed reactions to recent earnings prints.
The January 27 report triggered moderate volatility, though the stock consolidated through early February. The company has historically operated in a cyclical sector sensitive to demand trends in enterprise storage and consumer hard drives. Recent share-price momentum — up 45% in 30 days — suggests market participants may be anticipating a positive surprise or improved forward guidance.
No active ORTEX Alpha signals are present heading into the print.
Utilization remains light at 1.59%, well below the 52-week high of 18.51%. Cost to borrow is subdued at 0.39%, down 7% over the past month. The technical setup shows diminishing bearish pressure and rising speculative interest on the call side. Seagate reports after the close tonight at 8:00 PM UTC.
See the live data behind this article on ORTEX.
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