Three independent bearish signals converged on PSNY on June 4. The options market, the lending pool, and short interest are all moving in the same direction — and fast.
The put-call ratio hit 0.86 on June 3. That is more than four standard deviations above the 20-day mean of 0.28. To put that in context: the PCR had been sitting in a narrow band between 0.20 and 0.32 for most of May. The single-session jump to 0.86 is the highest reading since April 22, when the ratio briefly spiked to 1.68. Options traders are pricing in significantly more downside protection than at any point in the past six weeks.
The lending market backs up that bearish posture. Availability has fallen to just 4.35% — meaning roughly one share remains available for every twenty-three already lent out. A week ago, availability was running above 17%. That is a 75% collapse in seven days.
The ORTEX short score reflects the pressure. It now stands at 88.3, up from 84.5 a week ago and the highest level in the current 10-day window. The score ranks in the top 1% of all tracked stocks for short pressure — a level few names sustain for long.
Cost to borrow at 34.3% annualised remains steep. Notably, it has eased from a peak above 50% in late April. That earlier spike coincided with a brief tightening episode; availability has since retightened sharply while cost has not yet caught up. Watch for the borrow rate to follow availability back up if current conditions persist.
Short interest climbed 31% in one week to approximately 2.37 million shares. The single-day jump on June 2 was nearly 5%. This acceleration came after a period of gradual decline from May's highs — shorts were covering through most of May, then abruptly reversed course in the final days of the month.
The bear case is well-documented. Analysts at Cantor Fitzgerald rate the stock Underweight. Barclays maintained its Underweight rating in January. The company reported a gross margin of approximately -97% in Q2 2025. Forward revenue estimates have been cut. Next earnings are not until August 27.
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