SNEX heads into its Q2 2026 earnings today with a striking divergence: executives have been selling heavily into the stock's best month in years, even as options traders bet on further upside.
The insider selling is the dominant pre-print story. The CEO, Philip Smith, sold 30,000 shares on April 10 for roughly $2.77 million. Executive Vice Chairman Sean O'Connor sold 44,269 shares on March 31 for $3.45 million, and separately sold 40,000 shares on February 10 for nearly $5 million. The President, Charles Lyon, sold 30,000 shares on February 9 for $3.74 million. Net insider sales across the past 90 days total more than $26 million in value. That is a heavy, broad-based exit by C-suite and board members alike — not a single tax-driven outlier.
Options traders are reading the situation differently. The put/call ratio has collapsed to 0.31, nearly 1.4 standard deviations below its 20-day average of 0.55. That is a firmly bullish tilt in options flow — more calls than puts, and dramatically so relative to recent norms. The stock has earned that optimism on the price chart: SNEX is up 26% over the past month to close at $106.39, a move that has taken it well clear of the early-April tariff-panic lows when the stock briefly dipped into the low $90s. The RSI at 75 confirms the stock is running hot.
Short positioning offers little additional signal here. SI is a modest 6.1% of the free float — meaningful but not extreme — and has actually drifted lower over the past month, down roughly 4.5%. Borrow is cheap at 0.41%, and availability in the lending market remains loose. Short sellers are not pressing a crowded bet against this name.
The fundamental picture is big-number in the way financial intermediaries always look: quarterly revenue of $38.5 billion reflects the sheer scale of StoneX's clearing and execution business, though net income margins at 0.36% are razor-thin by design. Operating income came in at $187.9 million for the quarter. The key variable at these results is whether the high-volatility environment of the past two months — precisely the kind of market that drives StoneX's transaction-driven revenues — translated into better-than-expected net operating revenues and whether fee income held up as markets calmed. The analyst consensus price target of $123 implies about 16% further upside from current levels, suggesting the Street is still constructive even after the recent run.
The print will test whether the fundamental improvement the bulls are pricing in is real — and whether management's own rush to the exit door ahead of results says something the options market has chosen to ignore.
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