Two days after GTLB's Q1 earnings beat, the data tells the same story it did yesterday — shorts are not covering. Now the options market is joining the chorus.
The put/call ratio hit 0.47 on June 3. That is a 2.96 standard deviation spike above the 20-day mean of 0.40. It marks the heaviest tilt toward protective positioning since early May — even as the stock trades 29% higher month-to-date.
Short interest sits at 13.4% of the free float as of June 2. That is up 23.5% over the past week. The pre-earnings build has not unwound. The stock has rallied hard. Shorts have not moved.
That divergence — rising price, rising short interest — is the central tension now entering a second week. The next confirmed earnings date is June 17. That gives bears roughly two weeks to either press the position or fold.
The PCR spike to 0.47 is notable precisely because the broader options sentiment had been calm. The 20-day mean sat at 0.40 with a tight standard deviation of 0.024. Tuesday's reading blew past three standard deviations above that baseline.
The 52-week range runs from 0.28 to 0.62. At 0.47, the ratio sits in the upper third. Not extreme on an absolute basis — but the speed of the move is the signal. In a single session, protection demand jumped to its highest since early May.
Wednesday's analyst wave did nothing to shift the consensus direction. UBS lifted its target from $24 to $32. JP Morgan went from $28 to $32. Cantor Fitzgerald raised to $35. Morgan Stanley nudged to $30. Every single firm maintained a neutral or hold-equivalent rating.
The mean price target sits at $33.43. With the stock at $30.93, the implied upside is modest — and the Street is not rushing to call it a buy after a beat-and-cut quarter.
Cost to borrow has risen 54% over the past week to 0.47%. That sounds dramatic. The absolute level is not. Availability stands at 1,685% of short interest — roughly 17 shares available for every one currently lent out. Borrow conditions give shorts no mechanical reason to cover.
What to watch: Whether the June 17 event date triggers a repeat of the pre-Q1 short build — or finally forces a cover — is the key question. The PCR spike and sticky short positioning suggest the market is not yet convinced the post-earnings rally has legs.
See the live data behind this article on ORTEX.
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