Why this matters: Three separate data pulses have converged on SATL within 48 hours. The options market is flashing its most bearish signal in six months. Short interest has jumped sharply. And a major shareholder quietly exited a $97.7 million position weeks ago.
The put-call ratio hit 0.4947 on June 10. That's 2.2 standard deviations above the 20-day mean of 0.33. It's also a six-month high — just shy of the 52-week peak of 0.5099.
The shift was abrupt. Through late May, the PCR held in a narrow band around 0.30. Then on June 6 it broke sharply higher. It has stayed elevated for four consecutive sessions. Put buyers are paying up for downside protection at a rate not seen all year.
Short interest now stands at 9.6% of free float. That's up 14.5% in one week. The move came as the stock fell 20% over the same period — shorts added during weakness, not after a rally.
The absolute share count ticked down slightly on June 10 (–1.2% on the day), but the weekly trend is firmly higher. ORTEX estimates show short shares rising from around 10.5 million on June 3 to 12 million by June 10.
The lending market remains wide open. Availability stands at 1,615% — roughly 65 million shares available against just 12 million borrowed. There is no borrow squeeze dynamic here. Shorts face no meaningful friction adding to positions.
The most material recent development may not be the shorts at all. Liberty 77 Capital sold its entire 10 million share stake on May 26 at $9.77 per share — a $97.7 million transaction. That was a board-represented shareholder. It liquidated completely.
Cantor Fitzgerald Asset Management trimmed by 4 million shares in the same period. The CTO sold $727,000 worth of shares on May 14.
Against that, the CFO made two open-market purchases in late March totalling around $197,000 at prices near $5.17–$5.91. Those buys are now deep below current levels — though the stock at $6.28 has retraced significantly from the highs where Liberty sold.
Roth Capital raised its target to $15 on May 28. Cantor Fitzgerald lifted its target to $10 on May 13. Both maintain bullish ratings. The consensus mean target sits at $10.98 — 75% above current prices.
That gap is widening, not closing. The stock has lost 17% over the past month and 20% in the past week alone. Analysts raised targets into what turned out to be a distribution phase by major holders.
See the live data behind this article on ORTEX.
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