Short interest fell 5% over the past week as SRAD prepares to report earnings April 28. Wall Street has turned sharply negative, with Jefferies downgrading to Hold and slashing its target to $14.
Short interest stood at 10.45 million shares as of April 23. That represents a decline of 4.6% over the past week and 2.7% over the month. The stock carries an official days-to-cover ratio of 6.26 trading days, according to FINRA's April 15 settlement data. Short sellers have trimmed positions as the stock fell 24% over the past week and 31% over the month to close at $13.29.
The put/call ratio sits at 0.088, well below the 20-day mean of 0.121. The z-score of -1.43 signals unusually bullish positioning. PCR remains near the 52-week low of 0.081. Options traders are leaning heavily toward calls heading into the print.
Wall Street maintains a buy consensus with 15 buy ratings. Recent moves have been uniformly negative. Jefferies' David Katz downgraded SRAD to Hold from Buy on April 24 and cut his target to $14 from $30. Truist's Barry Jonas lowered his target to $26 from $32 on April 21 while maintaining Buy. Stifel's Jeffrey Stantial trimmed to $25 from $28 on April 9. Morgan Stanley, Goldman Sachs, Wells Fargo, Citizens, and Needham all reduced targets following the March earnings print. Bulls cite 24% Betting Tech revenue growth and projected 29% EBITDA expansion through 2028. Bears point to weaker medium-term price momentum and downward organic growth revisions for 2026.
The P/E ratio stands at 19.9, down 9.7 points over the past month. P/B fell to 3.06 from 4.45 over the same period. EV/EBITDA declined to 7.35 from 7.58. The stock ranks in the 18th percentile for earnings surprise and the 49th percentile for analyst recommendation differential.
Insiders sold $84,000 net over the past 90 days through small equity vesting transactions. Canada Pension Plan Investment Board holds 21.9% of shares, unchanged at year-end. T. Rowe Price added 1.65 million shares in Q1 to reach 3.9%. Durable Capital Partners initiated a 1.9% stake worth $6.0 million in Q4.
Recent earnings occurred March 18, March 3 (twice), and earlier in the cycle. The stock has fallen sharply into this print after disappointing guidance in March. The prior pattern showed volatility around each event.
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