CTO Call Buyers Take Over as Short Sellers Exit

CTO Realty Growth heads into earnings with an unusual alignment: options traders are piling into calls while short sellers are cutting positions. The stock is up 5.3% over the past week, trading at $20.43.

Call Buying Stands Out

The put-call ratio has climbed to 0.1286 — roughly 1.9 standard deviations above its 20-day mean. That's a persistently low ratio, but the recent drift higher is notable. For context, calls still dominate heavily. There were roughly eight calls traded for every put.

The shift has been consistent. PCR readings above 0.12 have held for four straight sessions. Before mid-April, the ratio rarely touched that level. The options market is signalling renewed appetite for upside exposure ahead of today's after-market earnings release.

Shorts Covering Into Earnings

Short interest has fallen 13% over the past week to 2.06% of float — near three-month lows. At that level, SI is not a primary concern for the stock. But the speed and direction of the move is worth noting.

Approximately 665,000 shares remain shorted, down from roughly 766,000 a week ago. Shorts have been reducing exposure steadily as the stock climbed.

The lending market remains loose. Availability is high, with the borrow cost at just 0.57%. The week-on-week figure looks dramatic (+249%) only because it bottomed at an unusually low base. At 0.57%, the cost to borrow remains well within normal territory — no stress signal here.