Back in the rising channel once again, this time after a hedgie load up and over 150k calls expiring ITM last week. $PROG is still moving aggressively toward a steady climb and short squeeze.
Technicals looking good
Plenty of calls on the chain for this Friday, but pretty modest in comparison to last week. This is a very weak gamma ramp relative to that.
We are still waiting for unhedged calls to be delivered today and tomorrow, so we can see some significant buying today....
... but we will see how it plays out on the charts.
Shorts were not covering last week, which means they were most likely trying to return and re-borrow shares that were failing to deliver.
And the cycle continues lolol😂
We can see that the short interest dropped, but if we compare the previous short reports, we see the ratio has adjusted retroactively.
This means the float has increased, which is supported by all major brokerages.
This was likely due to the exercising of warrants and...
Convertible debt securities that were previously issued and converted by their holders.
Despite what others may say, this is minor bullish news because these were already issued, were already being used as located shares for shorting, and have been exercised...
... which adds to $PROG's already significant balance sheet. The conversion of debt securities means that $PROG no longer owes their counter party the loan for which those securities were exchanged and no longer needs to make any premiums/ principle payments.
$PROG'S debt has been one of its major anchors to its success, but thanks to a healthier balance sheet, reduction of loans, and some new revenue streams incoming through its precludia product and speculative partnerships, the fundamental case for our is looking stronger each day.
While we are expecting another run this week, remember that anything can happen, and that we are waiting on that major partnership announcement as the catalyst for our next major move.
As always patience is 🔑
But you already knew that.
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