Short sellers have added nearly 26% to their RBLX position in one week. Options traders, however, are betting the other way.
SI hit 3.98% of free float on June 2 — up from roughly 3.16% a week prior. That 25.7% weekly jump follows a bruising April 30 earnings print, when the stock fell nearly 20% in a single session on guidance cuts and age-verification headwinds.
Analyst price targets collapsed in the aftermath. Piper Sandler cut its rating to Neutral from Overweight and slashed its target from $100 to $50. Goldman Sachs kept its Buy but halved its target from $125 to $65. Macquarie and Canaccord both trimmed from $140 to $80. DA Davidson lowered again just last week, to $45. The mean target now sits at $64.81 — still nearly 48% above the current close of $43.68.
The short score has drifted higher over the past two weeks, reaching 36 on June 2 versus 33 at end of May. That's a clear directional move, though the absolute level remains below the midpoint of the 0–100 scale.
The put/call ratio closed at 0.56 on June 3 — 2.05 standard deviations below its 20-day mean of 0.63. Traders are actively reducing downside hedges even as shorts build. The PCR has fallen sharply from above 0.67 through most of May to its current multi-week low, sitting well above its 52-week floor of 0.37 but trending meaningfully away from the bearish end of the range.
That divergence is the standout. Short interest is rising. The borrow market is tightening modestly. But options positioning has turned notably more bullish over the past week. One side is adding conviction to the downside thesis; the other is peeling off hedges.
Cost to borrow rose 67% in the past week to 0.56% APR. In absolute terms that's still minimal — this remains a very cheap borrow. Availability stands at 2,713% of short interest, meaning roughly 27 shares are available for every one currently borrowed. The lending pool is not under any pressure. Even with SI climbing, there is ample capacity for further short-side building without a squeeze dynamic developing.
Capital Research added 7.6 million shares in its most recent filing, taking its stake to 52.7 million shares — the largest institutional holder. FMR added 1.9 million. Morgan Stanley added 2.4 million. The founder, David Baszucki, trimmed only marginally. Broader insider activity has been routine small sells across executives — low significance scores throughout.
The next earnings date is July 30. Between now and then, the conflict between a rising short interest trend and an options market dialing back its pessimism will be the key signal to monitor — particularly if the put/call ratio continues its current compression.
Data summary
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