Short sellers have piled aggressively into GEMI (Gemini Space Station). Availability has collapsed to 0% — every share in the lending pool is currently lent out. Yet options traders are betting the other way, pushing the put-call ratio to its lowest level in 52 weeks.
Availability has fallen from 9.1% on May 11 to 0% as of May 18. That is the tightest the lending market has been all year, matching the 52-week floor.
Shares short have risen 43.5% over the past month, reaching 8.78 million. The one-week increase alone was 18.1%. Official FINRA data shows 8.26 million shares short as of April 30, with days to cover at 5.7.
The cost to borrow stands at 6.17% — elevated, but it has actually fallen 20.5% over the past month. That drop in borrow cost alongside collapsing availability points to a structural supply squeeze rather than a simple demand-driven move.
The ORTEX short score sits at 74.8, ranking GEMI in the 3rd percentile for short score among all stocks.
The put-call ratio has hit 0.31 — the lowest reading in the past 52 weeks. The 20-day mean was 0.36. That puts today's reading two standard deviations below the norm.
Call volume is dominating the options market even as short sellers press their positions. The 52-week high for the PCR was 0.72. The current reading is less than half that level.
The analyst picture is split. Rosenblatt's Chris Brendler maintained a Buy rating and $9.00 target on May 18 — implying 68% upside to the current $5.37 price. Citigroup has a Sell and a $4.00 target. Evercore ISI holds an In-Line rating with a $5.00 target.
Multiple firms cut targets sharply in March and April, including Mizuho slashing from $26 to $12. The consensus mean target sits at $8.65.
On the insider front, a family-owned company affiliated with GEMI bought 7.14 million shares on May 14 at $14.00 per share — a $100 million transaction. That price is significantly above current market levels at $5.37, suggesting the purchase was executed via a separate arrangement or private placement. Net insider buying over 90 days totals $100.4 million in value.
Next earnings are scheduled for June 15.
Key data — May 18, 2026
See the live data behind this article on ORTEX.
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