Zacks Investment ResearchT3·1mo ago
SPSC SPS Commerce, Inc.
XNAS
91.94
Delayed
Stock quote, options chain, IV rank, technicals, AI analysis, and institutional ownership. Iron condor setups Expected move IV rank history Fibonacci levels Insider trading
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
SPSC
$91.94
—
Key stats
$91.94
Pre-market
$90.70
-1.35%
- 52-Week Range
- $49.04 – $114.87
- YTD
- +4.58%
- IV Rank (30D)
- 26.14
- Straddle Price
- $10.55
- P/C Vol Ratio
- 0.63
- Market Cap
- $3.2B
- Open
- $89.15
- Day Range
- $89.11 – $92.11
- Volume
- 509,841
- Prev Close
- $89.38
Fair Value
MODEL: SHORT
A blended fair-value estimate combining up to six valuation methods. Each method is weighted by how well it fits the company — DCF down-weights for unprofitable names; DDM only fires for steady dividend payers; comparables down-weight when peer multiples disagree.
- DCF (quality-aware) — projects free cash flow with a horizon that scales to business quality. True compounders (quality 6/6) get 10 years explicit + 10 years fade before terminal; cyclical/struggling names (quality 0-1) get a 5-year terminal cliff. Quality is scored from ROE, gross margin, growth, FCF margin, debt load, and FCF consistency — the same factors that drive market premium for compounders.
- Market-Implied Growth (in Model Inputs) — reverse-DCF that answers "what growth rate is the market pricing in?". Lets you sanity-check the deviation: if implied growth is plausible for the business, the model's bearish flag may be wrong; if implausible, the market may be over-extrapolating.
- DDM (Gordon Growth Dividend Model) — values the stream of future dividends. Only used when trailing yield ≥ 2% and dividend payments are stable — below that the dividend is a token payout and Gordon (which values only the dividend stream) systematically underprices growth names, so those route to DCF + comparables + market anchor instead.
- P/E, EV/EBITDA, P/B, P/S — applies the peer-group median multiple to this company's per-share metric. Peers come from the same set as the "Related symbols" card. Earnings/sales metrics are forward-tilted by the company's recent revenue growth (capped at 25%) so they're comparable to peers' growth-embedded multiples — mimics how analysts use NTM rather than TTM. Per-multiple weights are biased by company quality (e.g. P/B down-weighted for asset-light tech).
- Market Anchor (SMA50) — the 50-day moving average, weighted by recent trading-range stability (tighter Bollinger bands → higher weight). Captures information fundamentals miss (forward consensus, sentiment, supply/demand) — but only when recent trading is steady enough that the market has converged on a view. During wild breakouts or breakdowns the anchor's weight collapses.
- Options Expected (B-L 30d) — the risk-neutral expected stock price at 30-day options expiration, derived from the full implied-volatility surface via Breeden-Litzenberger (second derivative of call price wrt strike → implied PDF, then E[S_T]). Forward-looking, captures all options-implied information (smile, skew, term structure) in one number. Weighted by chain liquidity. SP500-only at present (pre-computed daily). Backtest evidence: adds modest alpha across most bucket × holding combos.
- Blended value — weighted average. Confidence reflects how many methods fired and how tight peer dispersion is.
- Deviation pill — green when blended FV ≥ 10% above current price (undervalued); red when ≥ 10% below; grey otherwise.
| 10-yr Treasury (rf) | 5.12% |
| Beta vs SPY | 1.11 |
| Cost of Equity (CAPM) | 11.21% (VRP-adj) |
| WACC | 11.25% |
| Volatility Risk Premium | +33.8pp (IV − HV30), ERP adj +50bps |
| Effective Tax Rate | 25.6% |
| Rev. Growth (YoY, DCF input) | +4.2% |
| DCF Horizon | 12 years explicit + fade |
| Forward Tilt (NTM/TTM) | ×1.04 (applied to P/E, EV/EBITDA, P/S) |
| Free Cash Flow (TTM) | $0.2B |
| Return on Equity (TTM) | 8.3% |
| Book / Price | 27.2% |
| Gross Margin (TTM) | 69.8% |
| FCF Margin (TTM) | 25.7% |
| Debt / Equity | 0.00 |
| Quality Score | 4/6 — high quality (12y DCF) |
| Market-Implied Growth | +8.2% (reverse-DCF on current price) |
| SMA 50 | $82.36 (Market Anchor value) |
| SMA 20 / Bollinger Mid | $84.21 |
| Bollinger Width / SMA20 | 16.8% (drives anchor stability) |
| Net Debt | $-0.2B |
| Market Cap | $3B |
Peers used for multiples: CRM, DDOG, NOW, PAYC, SNOW, TWLO, WDAY, ZS
60-Day Conviction
47%
20-Day Fair Value
≈ by Nov 23, 2026
$91.48
α -0.5%
rank 76%
conviction
33%
40-Day Fair Value
≈ by Dec 22, 2026
$90.90
α -1.1%
rank 76%
conviction
36%
60-Day Fair Value
≈ by Jan 20, 2027
$90.74
α -1.3%
rank 76%
conviction
47%
| Method | Implied Price | Weight | Detail |
|---|---|---|---|
| DCF | $73.22 | 23% | |
| DDM (Gordon) | n/a | 0% | |
| Peer P/E | $80.98 | 7% | median 37.4× · 6 peers |
| Peer EV/EBITDA | $268.06 | 7% | median 59.4× · 7 peers |
| Peer P/B | $339.97 | 7% | median 13.6× · 8 peers |
| Peer P/S | $194.19 | 7% | median 9.1× · 8 peers |
| Market Anchor (SMA50) | $82.36 | 35% | stability 77% (BB-width) |
| Options Expected (B-L 30d) | $92.31 | 14% | 12 strikes · skew +0.23 |
As of 2026-10-23 · updated
Related
About
- Industry (SIC)
- SERVICES-PREPACKAGED SOFTWARE (7372) · industry map
- Exchange
- XNAS
- Market Cap
- $3.2B
- Employees
- 2,948
- List Date
- 2010-04-22
- CIK
- 0001092699
- Next Earnings
- 2026-10-29 (After-Close)
- EPS Forecast
- $0.91 (5 est.)
- Headquarters
- Minneapolis, MN
- Homepage
- https://www.spscommerce.com
SPS Commerce Inc is a provider of cloud-based supply chain management services for retailers, grocers, distributors, suppliers, and logistics firms to increase supply chain performance, optimize inventory levels and sell-through, reduce operational costs, improve order visibility, and satisfy consumer demands for a seamless omnichannel experience. Its solutions are delivered through the SPS Commerce platform and provide integrations and retail performance analytics to its customers. The company has one operating segment Supply Chain Management Solutions, that derives revenues from customers by…
Summary
—
composite
—
No summary data available for this symbol yet.
Each spoke is this symbol's rank within its sector (0–100; the dotted ring marks the sector median at 50). Higher is more constructive for a long. One spoke — News sentiment — is an absolute reading, not a sector rank. Grayed spokes have no data. A fuller shape is a summary, not a recommendation.
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -11.85% | -10.53% | 6.30% | -0.27% | 1.02% | 1.54% | -2.30% |
| Feb | -1.19% | 4.36% | 9.24% | 1.88% | -26.01% | -35.65% | -7.89% |
| Mar | -3.95% | 4.17% | 2.01% | -2.19% | 0.55% | -4.69% | -0.68% |
| Apr | -0.30% | -11.33% | -3.02% | -5.63% | 6.90% | -0.20% | -2.26% |
| May | -6.97% | -11.27% | 4.98% | 5.10% | -0.94% | -3.68% | -2.13% |
| Jun | 5.89% | 2.43% | 21.20% | 1.20% | -2.03% | -4.14% | 4.09% |
| Jul | 7.31% | 7.45% | -4.58% | 13.92% | -21.61% | 25.62% | 4.68% |
| Aug | 22.92% | -2.54% | 6.26% | -4.41% | 6.18% | 13.05% | 6.91% |
| Sep | 19.84% | 4.37% | -5.76% | 1.56% | -2.34% | -0.59% | 2.85% |
| Oct | -6.61% | -0.33% | -5.01% | -13.87% | -20.44% | 9.19%* | -6.18% |
| Nov | -3.56% | 13.10% | 6.94% | 15.98% | 0.96% | -- | 6.68% |
| Dec | 3.47% | -11.93% | 9.05% | -4.51% | 10.42% | -- | 1.30% |
| Total | 21.04% | -14.95% | 54.72% | 5.23% | -43.79% | -11.54% | 1.79% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $84.21
SMA 50: $82.36
SMA 200: $68.26
Current: $91.94
EMA 12: $86.48
EMA 26: $84.24
MACD: 2.2433 | Signal: 0.6602
BULLISH
ADX (14): 33.46
TREND
+DI: 37.78
−DI: 11.26
Momentum Oscillators
RSI (14): 72.29
OVERBOUGHT
Stoch %K: 93.31
Stoch %D: 81.12
Williams %R: -1.35
Volume & Volatility
BB Upper: $90.16
BB Lower: $78.27
OVERBOUGHT
OBV: -10,954,672
Vol SMA 20: 477,980
Vol ROC: -26.44%
ATR: $2.89
True Range: $3.00
HV 20: 27.0%
HV 30: 31.0%
HV 60: 41.5%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-24T00:00:00 – 2026-10-22T00:00:00
AI Analysis
SPS Commerce Inc. (SPSC) - Comprehensive Stock Analysis Report
Executive Summary
Overall Assessment: BULLISH with 7/10 confidence
SPS Commerce presents a constructive technical setup with moderating risk profile, though sentiment indicators suggest caution. The stock is rallying above its 200-day moving average (+23.6% above the SMA200 of $68.44) with strong trend confirmation (ADX 28.13 indicating a well-established uptrend), but is simultaneously displaying overbought conditions on Bollinger Bands and elevated implied volatility relative to realized volatility.
Key Drivers:
- Strong uptrend confirmation with price above all major moving averages (currently $84.59 vs SMA20 $81.84, SMA50 $80.09)
- MACD bullish crossover with expanding positive histogram (+0.99)
- Positive acquisition catalyst (Carbon6 Technologies, announced 2025-01-02)
- Defensive beta profile (0.43) provides downside protection relative to broader market
Primary Risks:
- Volume deterioration (-48.17% rate of change) suggests weakening conviction despite price strength
- Negative on-balance volume (-13,074,076.40) indicates distribution by institutional players
- Options market tilted bearish (3.0 put/call volume ratio, 2.5 OI ratio)
- Overbought technical condition on Bollinger Bands with price at upper band ($84.59 vs $84.32 upper band)
- IV Premium 76.9% above realized volatility—options are pricing risk aggressively
Investment Thesis: SPS Commerce is in a confirmed uptrend with solid technical foundations and a strategic acquisition catalyst supporting medium-term growth. However, weakening volume alongside overbought conditions and bearish options positioning suggests near-term consolidation or pullback before the next leg higher is likely. Position sizing should account for the divergence between price momentum and volume confirmation.
Technical Analysis
Trend Direction
| Timeframe | Trend | Strength | Assessment | |-----------|-------|----------|------------| | Short-term (1-4 weeks) | BULLISH | Strong | Price above SMA20, SMA50; ADX 28.13 confirms trend regime; MACD positive | | Medium-term (1-3 months) | BULLISH | Moderate-Strong | Above SMA200 (+23.6%); EMA12 ($82.26) > EMA26 ($81.32) bullish alignment | | Long-term (3-12 months) | BULLISH | Moderate | Extended move from SMA200; risk of consolidation or mean reversion |
Support & Resistance Levels
| Level | Type | Distance | Significance | |-------|------|----------|--------------| | $84.32 | Resistance (Bollinger Upper Band) | -0.3% | Current overbought zone; profit-taking target | | $84.59 | Current Price | — | Testing upper band; breakout above = new highs likely | | $81.84 | Support (SMA 20) | -3.2% | Primary dynamic support; loss here signals trend break | | $80.09 | Support (SMA 50) | -5.3% | Secondary support; near-term floor for healthy pullback | | $79.35 | Support (Bollinger Lower Band) | -6.2% | Technical floor; would signal mean reversion to middle band | | $68.44 | Major Support (SMA 200) | -19.1% | Long-term trend anchor; breach would invalidate bullish case |
Momentum Signals
RSI (14): 60.32
- Interpretation: Neutral to slightly positive. At 60.32, RSI is in the neutral zone (30-70 range), neither overbought (>70) nor oversold (<30). This indicates room for upside before hitting overbought conditions around 70-75, but suggests momentum is maturing rather than accelerating. Not a green flag for aggressive buying, but not a red flag either.
MACD: 0.95 / Signal: -0.04 / Histogram: +0.99
- Interpretation: Bullish momentum with early warning signals
- MACD (0.95) is firmly above the signal line (-0.04), indicating uptrend
- Positive histogram (+0.99) confirms MACD > signal line
- Critical observation: Signal line is still negative and MACD appears to be decelerating (histogram suggesting momentum may be peaking)
- This represents a mature bullish phase—not early-stage acceleration
Stochastic %K: 64.48 / %D: 50.65
- Interpretation: Stochastic K (64.48) is above D (50.65) with K approaching overbought (>80), indicating momentum is present but near inflection point. K is rising but still below overbought—room exists for further upside before exhaustion.
Williams %R: -15.66
- Interpretation: Very close to overbought threshold (-20 to 0 range is overbought), confirming technical extension. This is a bearish divergence signal—price is making higher highs but momentum indicators suggest stress.
Bollinger Bands Analysis
| Metric | Value | Signal | |--------|-------|--------| | Current Price vs Bands | $84.59 touching upper ($84.32) | Overbought/Extended | | Band Width | 6.08 | Moderate volatility; not in squeeze | | Position | Price at upper band | Vulnerable to mean reversion toward middle ($81.84) | | Volatility Regime | Normal band width | Not indicative of breakout continuation |
Signal: Price proximity to upper Bollinger Band combined with RSI at 60 (not extreme) and overbought Stochastic suggests profit-taking risk in next 1-2 weeks. Typical mean-reversion pullback would target the middle band ($81.84) or lower band ($79.35).
Volume Analysis
Volume Indicators:
- 20-day Volume SMA: 492,842 shares
- Volume Rate of Change: -48.17% (massive deterioration)
- On-Balance Volume: -13,074,076.40 (negative and accumulating)
Interpretation - Critical Red Flag: The -48.17% volume rate of change is alarming. This indicates volume supporting the rally has collapsed significantly relative to the 20-day average. Combined with negative OBV (-13M+), this signals:
- Distribution: Institutional investors or smart money are selling into strength, not accumulating
- Weakening Conviction: Price gains are occurring on lower volume—classic sign of topping behavior
- Volatility Risk: Lower volume makes any reversal move more dramatic and violent
Institutional Interest Assessment: The negative OBV and volume collapse suggest weak institutional support for current price levels. The $45.7M institutional sale reported by Motley Fool (2026-04-27) may represent ongoing trimming of positions. This is a significant divergence from price strength.
News & Sentiment Analysis
Recent Headlines Summary
| Date | Headline | Sentiment | Relevance | |------|----------|-----------|-----------| | 2026-09-14 | SPSC Surges 7.1% | NEUTRAL | Recent rally confirmation; timing unclear | | 2026-04-27 | Manager Sheds $45.7M Software Stock | NEUTRAL | Negative institutional flow; ongoing distribution | | 2025-01-02 | SPSC to Acquire Carbon6 Technologies | POSITIVE | Strategic growth catalyst; M&A value creation | | 2024-06-04 | Invesco S&P SmallCap IT ETF | NEUTRAL | Sector context; not SPSC-specific | | 2024-05-29 | SPSC to Present at William Blair Conference | NEUTRAL | Routine IR activity | | 2024-05-24 | SPDR Portfolio S&P 600 SmallCap ETF | NEUTRAL | Index fund commentary; not SPSC-specific |
Sentiment Assessment
Aggregate Sentiment: MIXED POSITIVE (60% positive, 40% neutral)
- Positive Theme: The Carbon6 Technologies acquisition (announced 2025-01-02) is the only concrete positive catalyst. This represents strategic M&A activity that should drive platform expansion and revenue synerg
Generated
News
All SPSC news →
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Showing 1–10 of 50
Page 1 of 5
Earnings History
14 of 21 under expected move
Avg Expected Move
8.46%
Avg Actual Move
6.63%
| Earnings Date | Timing | Expected Move | Actual Move | Ratio | Outcome |
|---|---|---|---|---|---|
| 2021-02-11 | After-Close | 5.39% | 0.20% | 0.04x | Within |
| 2021-04-29 | After-Close | 5.69% | 1.38% | 0.24x | Within |
| 2021-10-28 | After-Close | 7.08% | 11.78% | 1.66x | Exceeded |
| 2022-02-09 | After-Close | 7.11% | 0.92% | 0.13x | Within |
| 2022-04-28 | After-Close | 6.03% | 1.93% | 0.32x | Within |
| 2022-10-27 | After-Close | 8.75% | 1.12% | 0.13x | Within |
| 2023-02-09 | After-Close | 4.40% | 5.86% | 1.33x | Exceeded |
| 2023-04-26 | After-Close | 3.93% | 3.31% | 0.84x | Within |
| 2023-07-27 | After-Close | 7.32% | 0.99% | 0.14x | Within |
| 2023-10-26 | After-Close | 10.50% | 0.68% | 0.06x | Within |
| 2024-02-08 | After-Close | 7.21% | 14.81% | 2.05x | Exceeded |
| 2024-04-25 | After-Close | 8.74% | 5.62% | 0.64x | Within |
| 2024-07-25 | After-Close | 8.15% | 1.64% | 0.20x | Within |
| 2024-10-24 | After-Close | 8.22% | 10.73% | 1.31x | Exceeded |
| 2025-02-10 | After-Close | 6.77% | 13.80% | 2.04x | Exceeded |
| 2025-04-24 | After-Close | 11.83% | 0.88% | 0.07x | Within |
| 2025-07-30 | After-Close | 8.20% | 21.99% | 2.68x | Exceeded |
| 2025-10-30 | After-Close | 10.95% | 20.84% | 1.90x | Exceeded |
| 2026-02-12 | After-Close | 15.79% | 4.37% | 0.28x | Within |
| 2026-04-30 | After-Close | 11.36% | 4.99% | 0.44x | Within |
| 2026-07-30 | After-Close | 14.20% | 11.48% | 0.81x | Within |
Earnings calendar: this week’s reports with expected vs actual moves →
SPSC Options Activity & IV Rank
SPSC IV rank history, 52-week IV rank and IV percentile →
Volatility Metrics
Current IV: 47.4%
7-DTE IV: —
Expected Move: $10.55
7-DTE Move: $10.55
Days to Exp: 29 (2026-11-20)
Options Flow
Call Volume: 27
Put Volume: 17
P/C Volume: 0.63
BULLISH
Call OI: 26
Put OI: 162
P/C OI: 6.231
Total OI: 188
ATM Options Pricing
ATM Call: $6.45
ATM Put: $4.10
Call %: 7.0%
Put %: 4.5%
Chain Summary
Chain Volume: 217
Chain OI: 2,957
Last Updated: 10/22/2026
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Dealer Positioning
HIGH γ vs HISTORY
Estimated net dealer gamma is at the 93rd percentile of this name's own daily history, near the high end of its range. This describes current positioning; it is not a forecast or a trading signal.
Gamma percentile
93%
vs own history
GEX tilt
+0.98
OI-weighted, today
Vanna tilt
-0.12
δ-sensitivity to IV
Charm tilt
-0.15
δ-decay vs time
? What is this?
· 6 ATM contracts, 2k total OI
Net dealer gamma is an estimate of the aggregate gamma held by options market makers across this name's option chain, weighted by open interest. Dealer positions aren't public, so it uses a standard simplifying assumption: dealers are treated as long the calls and short the puts that are open. Actual dealer books can differ.
Gamma percentile ranks today's estimate against this name's own daily history, from 0% (the lowest reading on record) to 100% (the highest). Raw gamma scales with how much open interest a chain carries, so it isn't comparable across names; the percentile is. The badge marks the bottom 20% as low and the top 20% as high.
Tilts run from −1 to +1 and show how lopsided the estimated dealer exposure is. GEX tilt compares call gamma with put gamma. Vanna tilt describes how the hedge would shift if implied volatility changed, and charm tilt how it would shift with the passage of time.
This card describes estimated positioning and where it sits historically. It is not a forecast of price direction or volatility and not a trading signal. Market-wide view: Dealer positioning screener.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
as of Oct 22 · No data
30 DTE / 10d
—
—
pts
EXTREME
as of Oct 22 · ATM 50.3% / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)26.1MediumOct 22
Straddle Price (30 DTE)$10.55Oct 22
Beta Analysis
Risk Metrics
Beta: 0.3836
Alpha: -13.70%
Correlation: 0.1058
R-Squared: 1.1%
Stock Volatility: 46.2%
Market Volatility: 12.7%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
Notable investors who own SPSC
4 of 37 tracked investors
| Investor | Value | Share of their portfolio | Rank | Q/Q shares | Source |
|---|---|---|---|---|---|
| Citadel Hedge fund Ken Griffin | $52.2M | #663 of 6285 | +0.1% | 13F | |
| Bridgewater Associates Hedge fund Ray Dalio | $1.9M | #726 of 997 | new | 13F | |
| Millennium Management Hedge fund Izzy Englander | $496K | #3171 of 3716 | -82.1% | 13F | |
| Rockefeller Capital Management Family office Rockefeller family | $321K | #2327 of 4729 | +0.8% | 13F |
Hedge funds, activists, holding companies and family offices we track, from their latest 13F (quarter-end value) and Form 4 filings in the last 3 years. Family offices · all institutions
SPSC Institutional Ownership (13F)
Latest filings — 2026-09-30
? 13F Guide
Diluted shares outstanding: 37,501,000 (as of 2026-06-30)
Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
3 filers$6.57M notional
| # | Filer | Notional Value | % of Total | Period |
|---|---|---|---|---|
| 1 | Anson Funds Management LP | $5.72M | 86.96% | 2026-06-30 |
| 2 | DRW Securities, LLC | $485.94K | 7.39% | 2026-06-30 |
| 3 | Susquehanna International Group, LLP Custodian | $371.61K | 5.65% | 2026-06-30 |
| # | Filer | Notional Value | % of Total | Period |
|---|
SPSC Insider Trading (Form 4)
Latest: 2026-06-01Form 4 filings — insider beneficial-ownership changes by officers, directors, and 10%+ holders. Filed within 2 business days of transaction.
| Filed | Reporter | Role | Action | Shares | Avg Price | Net $ | Link |
|---|---|---|---|---|---|---|---|
| 2026-06-01 | Michael J McConnell | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Anne Sempowski Ward | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Tami Reller | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Razat Gaurav | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Fumbi F. Chima | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Marty M Reaume | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Philip Soran | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-06-01 | Mark Partin | Director | Award (A) | +3,736 | — | EDGAR | |
| 2026-05-11 | Joseph Del Preto | EXECUTIVE VP AND CFO | Award (A) | +141,707 | — | EDGAR | |
| 2026-05-11 | Marty M Reaume | Director | Mixed | — | $54.41 | -$5.2K | EDGAR |
| 2026-05-11 | Jamie Thingelstad | EVP, Chief Technology Officer | Award (A) | +39,433 | — | EDGAR | |
| 2026-04-09 | Marty M Reaume | Director | Mixed | — | $54.85 | -$6.1K | EDGAR |
| 2026-03-17 | Tami Reller | Director | Exer (M) | +5,732 | $51.80 | $296.9K | EDGAR |
| 2026-03-11 | Marty M Reaume | Director | Mixed | — | $57.27 | -$10.9K | EDGAR |
| 2026-02-24 | Fumbi F. Chima | Director | Award (A) | +3,451 | — | EDGAR |
Codes: P = open-market purchase · S = open-market sale · A = grant/award · M = option exercise · F = tax withholding at vest · G = bona-fide gift · D = disposition to issuer · J = other (described in filing footnote — typically 401(k), trust, inheritance) · W = will/inheritance. Only P / S codes carry directional signal.
SPSC Insider Holdings
15 insiders · @ $91.94
Officers, directors, and 10%+ owners who have filed a Form 4 in the past two years, ranked by current disclosed exposure (shares × today's price). Shares are direct + indirect (via trusts / LLCs / spouse). Excludes unvested RSU and option grants — those aren't beneficially owned until vest.
| # | Insider | Role | Shares | Disclosed Exposure | Lifetime OM Net | Filings | Last Filed |
|---|---|---|---|---|---|---|---|
| 1 | Kimberly K. Nelson | EVP & CFO | 185,617 | $17.07M | -$59.39M | 67 | 2026-02-24 |
| 2 | Eduardo Rosini | EVP, Chief Commercial Officer | 109,870 | $10.10M | $0 | 2 | 2026-02-24 |
| 3 | Joseph Del Preto | EXECUTIVE VP AND CFO | 108,467 | $9.97M | $0 | 1 | 2026-05-11 |
| 4 | Jamie Thingelstad | EVP, Chief Technology Officer | 96,276 | $8.85M | -$1.89M | 8 | 2026-05-11 |
| 5 | Chadwick Collins | Chief Executive Officer | 75,108 | $6.91M | -$3.27M | 6 | 2026-02-24 |
| 6 | Tami Reller | Director | 54,908 | $5.05M | $0 | 16 | 2026-06-01 |
| 7 | Dan Juckniess | EVP, Chief Sales Officer | 32,150 | $2.96M | -$5.14M | 8 | 2025-06-27 |
| 8 | Philip Soran | Director | 25,913 | $2.38M | -$7.35M | 35 | 2026-06-01 |
| 9 | Sven Wehrwein | Director | 17,522 | $1.61M | -$8.24M | 43 | 2025-05-15 |
| 10 | Marty M Reaume | Director | 12,894 | $1.19M | -$2.90M | 20 | 2026-06-01 |
Lifetime OM Net = signed sum of open-market buys (P) and sells (S) over their career; excludes grants, tax withholdings, and dispositions to issuer. A large negative number is normal for long-tenured executives — they've sold compensation grants over many years.
SPSC Board & Officers
As of SEC filings through Jun 1, 2026Directors 10
- Sven Wehrwein · since Apr 21, 2010
- Philip Soran · since Jul 19, 2010
- Tami Reller · since May 18, 2016
- Marty M Reaume · since Mar 16, 2018
- Michael J McConnell · since Mar 16, 2018
- Anne Sempowski Ward · since Nov 4, 2020
- Chadwick Collins · since Oct 2, 2023
- Razat Gaurav · since Mar 6, 2025
- Mark Partin · since Aug 18, 2025
- Fumbi F. Chima · since Feb 12, 2026
Officers 5
- Chadwick Collins · Chief Executive Officer · since Oct 2, 2023
- Joseph Del Preto · Chief Financial Officer · since Mar 16, 2026
- Dan Juckniess · EVP, Chief Sales Officer · since Jun 1, 2024
- Jamie Thingelstad · EVP, Chief Technology Officer · since Jun 1, 2024
- Eduardo Rosini · EVP, Chief Commercial Officer · since Dec 1, 2025
Changes in the last 10 years (18)
| Mar 16, 2026 | Joseph Del Preto became Chief Financial Officer |
| Feb 12, 2026 | Fumbi F. Chima became a director |
| Feb 10, 2026 | The company announced the departure of Kimberly K. Nelson as EVP & CFO in an SEC filing |
| Dec 1, 2025 | Eduardo Rosini became EVP, Chief Commercial Officer |
| Aug 18, 2025 | Mark Partin became a director |
| Mar 6, 2025 | Razat Gaurav became a director |
| Feb 25, 2025 | The company announced the departure of James Burr Ramsey from the board in an SEC filing |
| Jun 1, 2024 | Jamie Thingelstad became EVP, Chief Technology Officer |
| Jun 1, 2024 | Dan Juckniess became EVP, Chief Sales Officer |
| Feb 29, 2024 | The company announced the departure of Archie C. Black from the board in an SEC filing |
| Oct 2, 2023 | Chadwick Collins became a director |
| Oct 2, 2023 | Chadwick Collins became Chief Executive Officer |
| Mar 2, 2023 | The company announced the departure of Archie C. Black as CEO in an SEC filing |
| Jan 28, 2022 | James J. Frome listed as President & COO (previously EVP & Chief Operating Officer) in SEC filings |
| Nov 4, 2020 | Anne Sempowski Ward became a director |
| Mar 16, 2018 | Michael J McConnell became a director |
| Mar 16, 2018 | Melvin L Keating became a director |
| Mar 16, 2018 | Marty M Reaume became a director |
Not reported recently (4)
- James J. Frome · Last reported as President & COO in an SEC filing dated Aug 20, 2024
- Martin J Leestma · Last reported as a director in an SEC filing dated Nov 5, 2020
- Melvin L Keating · Last reported as a director in an SEC filing dated Jun 4, 2018
- Michael A Smerklo · Last reported as a director in an SEC filing dated May 4, 2018
Compiled from SEC filings by the company and its directors and officers. Dates are as stated in those filings. Where no filing says when someone left, we show the last filing that listed them.
SPSC Proposed Insider Sales (Form 144)
Latest: 2026-06-02
? Form 144 Guide
Last 30d:
0 filings
· Last 90d:
0 filings
What is Form 144? A notice of intent to sell restricted or control stock under Rule 144. Affiliates (officers, directors, 10%+ owners) and holders of restricted shares must file Form 144 when planning to sell more than 5,000 shares or $50,000 in any 3-month rolling window.
How it relates to Form 4: Form 144 is filed before the trade (up to 90 days in advance); Form 4 is filed within 2 business days after the trade executes. Not every Form 144 results in a sale — the filer may cancel or delay. Look for the corresponding Form 4 on the Insider Activity card to confirm a sale actually happened.
10b5-1 plans: Trades made under a pre-scheduled Rule 10b5-1 plan are not discretionary — they execute automatically on dates set months earlier, regardless of news. High 10b5-1 percentages mean less per-filing signal value, though cumulative selling volume still matters.
"Notice value": Aggregate market value the filer wrote into the Form 144 — i.e. the size of the planned sale, not necessarily the executed dollars. An amended notice (Form 144/A) replaces the original it amends, and cancelled notices are dropped, so neither is double-counted above. A filed value that is clearly inconsistent with the share count at the stock's price (a filer typo) shows as a dash and is left out of the totals.
Source & freshness: Sourced from public Form 144 filings. Refreshed daily; new filings typically appear here the morning after they are filed.
| Filed | Filer | Role | Shares | Notice Value | Planned Sale | Broker | Plan | Link |
|---|---|---|---|---|---|---|---|---|
| 2026-06-02 | KIMBERLY NELSON | Officer | 32,808 | $1.96M | 2026-06-02 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-05-07 | MARTHA REAUME | Director | 1,000 | $55.9K | 2026-05-07 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-04-07 | MARTHA REAUME | Director | 1,000 | $58.2K | 2026-04-07 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-03-09 | MARTHA REAUME | Director | 1,000 | $63.7K | 2026-03-09 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-02-24 | JAMIE J THINGELSTAD | Officer | 2,418 | $131.1K | 2026-02-24 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-02-20 | CHADWICK COLLINS | Director, Officer | 13,384 | $781.0K | 2026-02-20 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-02-20 | KIMBERLY NELSON | Officer | 6,300 | $367.6K | 2026-02-20 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-02-09 | MARTHA REAUME | Director | 1,000 | $79.5K | 2026-02-09 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2026-01-07 | MARTHA REAUME | Director | 1,732 | $158.4K | 2026-01-07 | Morgan Stanley Smith Barney LLC … | 10b5-1 | EDGAR |
| 2025-07-21 | JAMES RAMSEY | Former director | 15,380 | $2.11M | 2025-07-21 | Morgan Stanley Smith Barney LLC … | — | EDGAR |
Notice value is the aggregate market value the filer states they intend to sell — not a confirmed transaction. Compare to Insider Activity (Form 4) to see which planned sales actually executed. Market-wide feed: Planned sales (Form 144).
ETF Holders
122 ETFs hold SPSC
25 shown · $803.05M total exposure · 0.14% AUM-weighted avg weight
| # | ETF | Provider | Weight | $ Exposure | ETF AUM | As Of |
|---|---|---|---|---|---|---|
| 1 | IJR iShares Core S&P Small-Cap ETF | iShares (BlackRock) | 0.19% | $191.6M | $103.8B | 2026-10-21 |
| 2 | VTI Vanguard Morningstar Total Stock Market ETF | Vanguard | 0.00% | $92.1M | — | 2026-09-30 |
| 3 | IWM iShares Russell 2000 ETF | iShares (BlackRock) | 0.11% | $82.0M | $74.2B | 2026-10-21 |
| 4 | VGT Vanguard Information Technology ETF | Vanguard | 0.04% | $79.0M | — | 2026-09-30 |
| 5 | VB Vanguard Morningstar Small-Cap ETF | Vanguard | 0.04% | $66.8M | — | 2026-09-30 |
| 6 | VBK Vanguard Morningstar Small-Cap Growth ETF | Vanguard | 0.08% | $37.2M | — | 2026-09-30 |
| 7 | VXF Vanguard Extended Market ETF | Vanguard | 0.04% | $33.5M | — | 2026-09-30 |
| 8 | SPSM State Street® SPDR® Portfolio S&P 600™ Small Cap ETF | SPDR (State Street) | 0.19% | $29.2M | $15.8B | 2026-10-21 |
| 9 | IWO iShares Russell 2000 Growth ETF | iShares (BlackRock) | 0.13% | $18.1M | $13.6B | 2026-10-21 |
| 10 | IJT iShares S&P Small-Cap 600 Growth ETF | iShares (BlackRock) | 0.24% | $17.9M | $7.6B | 2026-10-21 |
| 11 | VTWO Vanguard Russell 2000 ETF | Vanguard | 0.10% | $17.5M | — | 2026-09-30 |
| 12 | IGV iShares Expanded Tech-Software Sector ETF | iShares (BlackRock) | 0.11% | $15.7M | $14.4B | 2026-10-21 |
| 13 | DFAS Dimensional US Small Cap ETF | Dimensional | 0.04% | $13.1M | — | 2026-10-21 |
| 14 | IWN iShares Russell 2000 Value ETF | iShares (BlackRock) | 0.09% | $12.3M | $13.9B | 2026-10-21 |
| 15 | SLYG State Street® SPDR® S&P 600™ Small Cap Growth ETF | SPDR (State Street) | 0.24% | $11.0M | $4.6B | 2026-10-21 |
| 16 | DFAT Dimensional US Targeted Value ETF | Dimensional | 0.04% | $10.9M | — | 2026-10-21 |
| 17 | IJS iShares S&P Small-Cap 600 Value ETF | iShares (BlackRock) | 0.14% | $10.7M | $7.7B | 2026-10-21 |
| 18 | FTEC Fidelity MSCI Information Technology Index ETF | Fidelity | 0.05% | $10.6M | $21.7B | 2026-10-21 |
| 19 | VIOO Vanguard S&P Small-Cap 600 ETF | Vanguard | 0.17% | $10.5M | — | 2026-09-30 |
| 20 | SCHA Schwab U.S. Small-Cap ETF | Nport | 0.04% | $10.2M | — | 2026-05-31 |
| 21 | CLOU Global X Cloud Computing ETF | Global X | 1.98% | $8.3M | — | 2026-10-22 |
| 22 | PSCT Invesco S&P SmallCap Information Technology ETF | Invesco | 1.46% | $7.1M | — | 2026-10-21 |
| 23 | SLYV State Street® SPDR® S&P 600™ Small Cap Value ETF | SPDR (State Street) | 0.14% | $6.7M | $4.7B | 2026-10-21 |
| 24 | SCHM Schwab U.S. Mid-Cap ETF | Nport | 0.04% | $5.8M | — | 2026-05-31 |
| 25 | PSC Principal U.S. Small-Cap ETF | Nport | 0.22% | $5.1M | — | 2026-06-30 |
Fundamentals
Quarterly filings sourced from SEC 10-Q / 10-K reports. TTM tiles aggregate the most recent four quarters; bars show the last ~12 quarters oldest → newest.
Metrics
- Revenue — top-line sales. Look for consistent YoY growth; seasonal businesses need same-quarter comparisons (Q4 '24 vs Q4 '23).
- Net Income — bottom-line profit after all expenses. Can be volatile from one-time items; red bars = net loss.
- Diluted EPS — net income per share assuming options/converts are exercised. Direct input to the P/E ratio.
- Operating Cash Flow — cash generated from core operations, before capex and financing. Harder to manipulate than net income; growing OCF is a quality signal.
How to read the bars
- Sequential growth — quarter-over-quarter trend. Accelerating bars are a momentum signal.
- YoY growth — compare to the same quarter a year earlier to remove seasonality.
- Quality — OCF should roughly track Net Income over time. Large divergence (net income ≫ OCF) flags accruals risk.
- Margins — scan the bar ratios: Net Income / Revenue tells you margin trend without needing a separate chart.
TTM (trailing-twelve-month) smooths seasonality and is used for the P/E calculation. Filings appear 30–90 days after the period closes.
Trailing P/E
—
TTM Diluted EPS
$2.08
TTM Revenue
$772.49M
TTM Net Income
$78.00M
TTM Op. Cash Flow
$228.14M
Quarterly figures (12 quarters)
| Quarter | Period End | Revenue | Net Income | Diluted EPS | Op. Cash Flow |
|---|---|---|---|---|---|
| Q2 '26 | 2026-06-30 | $197.81M | $6.86M | $0.19 | $66.03M |
| Q1 '26 | 2026-03-31 | $192.12M | $19.73M | $0.53 | $55.63M |
| Q4 '25 | 2025-12-31 | $192.65M | $25.84M | $0.69 | $45.87M |
| Q3 '25 | 2025-09-30 | $189.90M | $25.57M | $0.67 | $60.61M |
| Q2 '25 | 2025-06-30 | $187.40M | $19.73M | $0.52 | $32.32M |
| Q1 '25 | 2025-03-31 | $181.55M | $22.20M | $0.58 | $39.98M |
| Q4 '24 | 2024-12-31 | $170.91M | $17.56M | $0.47 | $40.56M |
| Q3 '24 | 2024-09-30 | $163.69M | $23.46M | $0.62 | $53.33M |
| Q2 '24 | 2024-06-30 | $153.60M | $18.03M | $0.48 | $29.44M |
| Q1 '24 | 2024-03-31 | $149.58M | $18.00M | $0.48 | $34.06M |
| Q4 '23 | 2023-12-31 | $144.97M | $19.01M | $0.51 | $32.79M |
| Q3 '23 | 2023-09-30 | $135.66M | $16.84M | $0.45 | $43.84M |
Q2 2026 • period ending 2026-06-30 • filed 2026-07-30
Valuation
Ratios derived from TTM financials and the current market price, sampled daily. History chart shows how expensive the stock is today relative to its own recent past.
Price Multiples
- P/E — price / TTM earnings. Rough market rule: 10–15 value, 15–25 market, >30 growth/premium. Negative when earnings are negative.
- P/B — price / book value. Useful for financials and asset-heavy names; meaningless for asset-light software.
- P/S — price / TTM revenue. Useful when earnings are negative or noisy (early-stage growth).
- EV/EBITDA — capital-structure-neutral. <10 cheap, 10–15 reasonable, >20 rich. Good for comparing across leverage profiles.
- EV/Sales — like P/S but accounts for debt + cash. Compare within sector.
Profitability & Yields
- ROE — return on equity. >15% strong, >25% exceptional. Caution: high leverage inflates ROE.
- ROA — return on assets. Leverage-neutral; >5% solid, >10% exceptional.
- Div Yield — annual dividend / price. Compare to 10Y Treasury; sustained yield >6% often signals distress.
- FCF Yield — free cash flow / market cap. >5% is attractive; negative means burning cash.
Balance Sheet
- Debt/Equity — leverage. <1 conservative, >2 aggressive. Sector-dependent (utilities naturally high, tech low).
- Current Ratio — short-term liquidity. >1.5 comfortable, <1 raises short-term solvency flags.
Reading the history chart
- Compare current level to the 3-year band: near the high end = relatively expensive; near the low = relatively cheap.
- Multiples expanding while earnings are flat = sentiment-driven rally.
- Multiples compressing while earnings grow = value coming from fundamentals.
P/E
44.20
P/B
3.67
P/S
4.46
EV/EBITDA
20.50
EV/Sales
4.24
ROE
8.3%
ROA
6.9%
Div Yield
0.00%
FCF Yield
6.62%
Debt/Equity
0.00
Current Ratio
—
Market Cap
$3.45B
as of 2026-10-22
Short Interest & Float
Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.
Metric definitions
- Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
- SI % of Float — short interest / free float. The key crowding metric.
- Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
- Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
- Free Float — shares available for public trading (total shares minus insider / restricted).
- Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
- SI % of Float < 5% — typical, no particular signal.
- 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
- 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
- >30% — extreme; borrow is likely expensive and squeeze risk is material.
- Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
- Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
- A sudden drop in SI after a rally may indicate a squeeze in progress.
Short interest is reported mid-month and end-of-month; short volume is daily.
Short Interest
2.84M
SI % of Float
7.96%
Days to Cover
6.11
Short Vol Ratio
58.1%
Free Float
35.64M
Float %
99.0%
Short interest 2026-09-30 • Short volume 2026-10-22 • Float 2026-08-07