Rezolve AI is flashing a rare convergence. Short sellers cut positions sharply last week. Options traders piled into calls. Yet the borrow market remains near capacity — a tension worth watching.
Short interest fell 16.5% in a single week. It now stands at 14.5% of free float. That's a meaningful cover — about 8.7 million shares returned to the market in seven days.
Despite the drawdown, availability remains extremely tight. With utilization at 90.8% — against a 52-week peak of 100% — roughly nine of every ten borrowable shares are still lent out. The lending pool has barely loosened. Short sellers who covered didn't free up much room for new entrants.
Cost to borrow ticked up 13.7% over the week to 7.92%. The direction is notable: shorts are covering, yet borrow costs are rising. That points to reduced supply in the lending pool, not falling demand.
The put/call ratio hit 0.24 on April 30. That's 2.0 standard deviations above the 20-day mean. It also sits near the 52-week high of 0.2363.
A low PCR signals call-side dominance. Traders are buying upside protection — or outright bullish bets — at the highest rate in roughly a year. The shift has been gradual but consistent over the past two weeks, with the PCR climbing steadily from 0.18 in early April.
The insider picture adds a further layer. Founder, Chairman and CEO Daniel Wagner bought 812,956 shares on April 2. He paid $4.00 per share. Total value: $3.25 million across two transactions.
The stock now trades at $2.57. Wagner paid a 56% premium to today's price. That's a notable commitment — and one made at a time when short interest was near its recent peak.
What to watch: whether the borrow pool continues to loosen as shorts cover further — or tightens again if the stock rallies and new short positions are opened.
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