Options traders are leaning heavily defensive into a packed earnings calendar. Several names reporting this week show striking bearish signals in the options market.
CHWY carries the most extreme short setup heading into its print today. Short interest sits at 52% of free float — one of the highest readings among mid-cap names. Bears piled into puts ahead of the report, per ORTEX data. The nearest expiry cluster is May 29, giving traders just days to be right or wrong.
TEM tells a different story. Options remain defensive — ORTEX signals bearish flow — yet short availability stands at just 33% of SI. That tight borrow environment limits further short-side pressure. Short interest at 23% of float remains elevated.
BRZE rallied 17% this week. Despite that surge, shorts have not covered. Short interest is still nearly 15% of free float. Options flow points to put protection being added into tomorrow's print — traders hedging a reversal after the run.
IMVT flipped defensive this week even as analysts chased the rally. With 25% of float shorted and options tilting bearish, the mixed signals suggest uncertainty rather than consensus.
S — SentinelOne — reports tomorrow with analysts lifting targets. SI is a modest 7.8% of float. Options expiries cluster on May 29, pointing to concentrated near-term positioning.
The broad theme: earnings risk is being hedged, not embraced.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
