Software Stock for Options Bears

Short interest has been steadily rising since early November

Feb 16, 2024 at 1:28 PM
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Subscribers to Schaeffer's Weekend Trader options recommendation service received this BILL commentary on Sunday night, along with a detailed options trade recommendation -- including complete entry and exit parameters. Learn more about why Weekend Trader is one of our most popular options trading services.

BILL Holdings Inc (NYSE:BILL) stock gapped lower last week, even after the company reported a fiscal second-quarter earnings and revenue beat and lifted its 2024 guidance. The shares drifted sideways into the 80-day moving average ahead of the report, and have struggled to rally from June through November, despite a massive bout of short covering over that period.
Short interest has been steadily rising since early November from more than three-year lows. A round of downgrades could be in store, too, since 23 of the analysts in coverage call the stock a "buy" or better, while only eight say "hold."

It’s also worth noting that the recommended expiry is in line with historical volatility. Our weekly put has a leverage ratio of 4.7, and will double in a 17.5% move lower in the underlying security.

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