Why this matters — Three distinct ORTEX data streams have aligned on JETS within 48 hours. Short interest, borrow utilisation, and options positioning have all moved sharply in the same direction simultaneously.
Short interest surges. JETS short interest hit 59.3% of float as of April 24. That is up 31% in a single day and nearly double where it stood one month ago — a 95.6% rise in 30 days. FINRA's fortnightly data corroborates the trend, showing 15.1 million shares short as of April 15 settlement.
Utilisation spikes toward the 52-week high. Borrow utilisation reached 95.4% on April 23, just below the 52-week peak of 100%. It pulled back to 75.2% on April 24, but the intraday pattern shows persistent and aggressive demand for available shares to borrow. The pool of lendable shares is shrinking relative to short demand.
Options market tilts heavily bearish. The put/call ratio stood at 3.21 on April 24. That sits near the 52-week high of 3.28 hit on April 21. The 20-day mean is 2.43. The PCR has been elevated — above 3.0 — for five consecutive sessions. Options market participants are loading up on downside protection at an unusual rate.
The ORTEX short score of 72.4 (out of 100) places JETS firmly in elevated-bearish territory. Cost to borrow has eased to 6.5% APR from a peak of 20.4% on April 6, suggesting the initial borrow squeeze has partially unwound. However, the renewed surge in short interest alongside still-elevated utilisation indicates fresh short positions are being added despite the lower borrow cost. The combined ORTEX score sits at 73.2.
JETS utilisation hit 100% in late March 2026 and held near that level for most of the month. Short interest at the time was near 12 million shares — roughly half today's level. The current build represents a step-change in bearish conviction beyond that earlier episode.
See the live data behind this article on ORTEX.
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