HSDT heads into its May 19 earnings with options traders leaning more bullish than usual — an unusual stance for a micro-cap medical device name burning through cash.
The clearest positioning signal is in options. The put/call ratio has drifted down to 0.30, meaningfully below its 20-day average of 0.34, and the z-score of -1.43 confirms the skew is more call-heavy than typical. That tilt toward calls aligns with the stock's recent price action: HSDT has climbed 16% over the past month to $2.30, though it slipped nearly 4% on Friday after gaining 3.6% on the week.
The short picture is fading rather than building. Short interest has fallen 15.6% over the past week to 2.7% of the free float — a level low enough that short sellers are not a primary force in this setup. Borrow costs have eased sharply, dropping from over 12% in early April to roughly 5.8% now. Availability is comfortable at 117% of short interest, meaning there is no squeeze dynamic in the lending market. The short score of 54.7 sits in the moderate range and has been drifting lower since early May, confirming shorts are pulling back rather than pressing.
The fundamental context is thin but worth naming. Estimated full-year revenue comes in around $13 million against a projected net loss of $46.5 million — a burn profile typical of an early-stage med-tech firm operating below breakeven. The enterprise value is approximately $78 million. Maxim Group initiated with a Buy and a $4.00 target in early April, leaving the stock roughly 74% below that level at current prices — though with only one analyst covering the name, the consensus is fragile. Two large shareholders, Wai Shing Chung and Kathmere Capital Management, added meaningful positions in Q1 2026, with Kathmere entering from scratch with a near-5% stake. That fresh institutional interest is notable for a company of this size.
One historical data point anchors the setup: at the March 30 print, the stock fell nearly 10% the following day before recovering most of that loss within five sessions. Monday's report will test whether the call-heavy options positioning and the recent 16% rally reflect genuine confidence in an improving revenue trajectory — or simply thin-market momentum ahead of a loss-heavy quarter.
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