OLLI has reported June 3 earnings, and the week's central tension is now clear: short sellers are holding firm at elevated levels while the stock trades at a steep discount to where analysts think it belongs.
The short position has barely budged since the print. Short interest closed at 8.7% of free float on June 2 — a 30% increase in shares over the past month and an 11% jump in just the past week. That confirms shorts added into the earnings date rather than fading ahead of it, and there is no sign of unwinding in the data since the release. The cost of maintaining those positions, however, remains negligible at 0.46% — barely a rounding error for most funds. Availability is running at 558%, meaning roughly five and a half shares are available to borrow for every one already shorted. The lending pool is wide open. There is no mechanical pressure forcing short sellers to cover, and no shortage of inventory for those looking to add.
Options traders are reading the situation very differently from the shorts. The put/call ratio is 0.31, below its 20-day average of 0.35 and sitting near the low end of its 52-week range — the floor is 0.28. That is a call-heavy book by recent standards, suggesting the options market is still positioned for upside rather than further weakness. The two camps — short interest rebuilding aggressively, options leaning bullish — remain in direct conflict, and earnings has not resolved that divergence.
The Street adds another layer of tension. Analyst targets have drifted lower across the board over recent months: Wells Fargo cut its target from $130 to $115 in May, Citigroup trimmed from $141 to $111, and RBC nudged lower again last week to $152 while keeping its Outperform rating. Yet even after those reductions, the consensus mean target is $130 against a close of $79.25 — a gap of roughly 64%. That is not a modest upside assumption; it is a gap that implies either the stock is deeply mispriced or the models behind those targets have not fully absorbed whatever the earnings print revealed. The PE now sits at 16.8x and EV/EBITDA at 12x, both compressed versus where they stood a month ago, with EV/EBITDA down about 0.26x over 30 days.
Institutional ownership offers some context on who holds the other side of the short book. FMR holds 11.1% of shares, BlackRock 9.2%, and Capital Research added 1.36 million shares in the latest reported period. Goldman Sachs Asset Management added 1.64 million shares as of April 30. These are not passive index flows — they suggest active conviction on the long side from some of the largest fund managers, even as short sellers rebuild. The insider picture is quieter: the executive chairman sold roughly $550,000 worth of shares in early April, and a handful of other officers made smaller sales around stock awards, but none of this is unusual for a compensation cycle.
The factor picture reinforces the mixed read. The ORTEX short score of 51.3 is middling — not a red-flag extreme in either direction. EPS momentum scores are soft at the 45th and 46th percentile on 30- and 90-day windows. The short-score rank is in the bottom quartile of the universe at 23, meaning positioning is concentrated relative to peers even if absolute borrow stress is low. What to watch from here is whether the post-earnings price action — down 2% on the day and 7.4% over the past month — prompts any of those high-conviction institutional longs to reassess, or whether the short book begins to unwind as the event risk clears. Neither signal has moved meaningfully yet.
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