FJET heads into its May 14 earnings with the borrow market telling a notably guarded story.
Short interest is meaningfully elevated — 7% of free float — and has climbed roughly 10% over the past month, even as it eased slightly in recent days. Availability has tightened hard, dropping to just 23% of short interest outstanding. That means roughly one share remains available to borrow for every three already lent out. Cost to borrow has moderated from a spike above 46% in mid-April but still runs at 20%, elevated enough to suggest real demand for short exposure. The ORTEX short score of 68.4 reinforces the picture: shorts are engaged, and the lending pool is well-used. The stock fell 7% on May 12 but has recovered about 2% on the week, closing at $5.01.
The options market, by contrast, is unusually bullish for a small-cap heading into a print. The put/call ratio is running at just 0.33 — near the bottom of its 52-week range and barely below its 20-day average. The 52-week high on the PCR was 0.78; the current reading is less than half that level. Options traders are not hedging into this event — they are positioned decisively on the call side, a divergence from what the lending market implies.
The sharpest backdrop risk for FJET arrived just yesterday. Rocket Lab's CFO warned publicly that a SpaceX IPO could push smaller space operators "into obscurity," a headline that landed directly on this name. Starfighters Space operates in the same thin stratum of the sector — niche, pre-profitability, and competing for institutional attention against a potential mega-listing. The company's last print, in April, produced a Q4 EPS of -$0.46, yet the stock surged 33% on the day and extended to a 35% five-day gain, pointing to a market that responds sharply to any positive catalyst even against a loss-making backdrop. Founder Richard Svetkoff retains 32% of shares outstanding, concentrating both control and event risk.
The May 14 print will test whether the call-heavy options positioning reflects genuine conviction — or simply a mismatch between retail enthusiasm and the tighter borrow conditions that more experienced short sellers are quietly exploiting.
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