WIMI enters its May 8 FY 2025 earnings release with options positioning telling the most interesting story heading into the print.
Sentiment has flipped sharply bullish on the options side. The put/call ratio has collapsed to 0.44 — the lowest reading of the past 52 weeks — against a 20-day average closer to 1.05. That places current positioning roughly 1.3 standard deviations below the norm, a strong lean toward calls that stands in contrast to the defensive hedging more commonly seen ahead of earnings. The stock itself clawed back 6.25% on Wednesday alone after losing more than 10% over the prior month, suggesting some traders are positioning for a bounce rather than bracing for a miss.
Short interest does not amplify the bullish options read, but it does not contradict it either. At 2.9% of the free float, shorts are a modest presence. What makes the picture more nuanced is the pace of change: short interest surged roughly 150% over the past month before retreating about 7% in the most recent week. That build-then-trim pattern points to elevated bearish conviction around a specific window — likely the earnings catalyst — followed by some profit-taking or risk reduction. Borrow conditions have eased with it: cost to borrow has declined to 5.4%, down about 18% on the week, and availability has loosened meaningfully from the 52-week tight of around 18% utilisation. The borrow market is not signalling squeeze pressure.
The ownership picture is thin on institutional depth. Insider Jie Zhao holds about 7.2% of shares, and Wimi Jack Holdings holds another 5.5%, but neither changed their position in the most recent reporting period. Western institutional presence is sparse — Acadian and Renaissance together account for roughly 2.3% of shares, and most other holders are holding positions under $1M. With a micro-cap market cap of just over $30M, liquidity and institutional sponsorship are structurally limited, which amplifies how much individual session moves can swing the narrative.
The May 8 print tests whether the recent call-heavy repositioning — and the sharp single-day rally — were anticipating a genuine fundamental improvement in WiMi's holographic and AR technology business, or simply a short-term technical rebound in a thinly traded name.
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