What the institutional money is doing on PFGC right now — dark pool, options positioning, and where the news and the money disagree. Free.
Conference participation is neutral news, but the money shows institutions are not accumulating ahead of it—off-exchange volume is 44% below normal, and no new bullish bets are being placed.
The insider sale aligns with the money's caution: institutions are holding defensive put positions (1.17 put-to-call ratio) and avoiding new accumulation, suggesting skepticism about further gains from current levels.
Board news is typically neutral, and the money confirms it—no new options positions opened, and the existing defensive lean (put-heavy stance) remains unchanged.
The earnings miss is consistent with the money's defensive posture: put protection is elevated (1.17 ratio vs. balanced 1.0), off-exchange volume is suppressed (56% of normal), and short activity is running 5.5 points above the 20-day norm—all signs institutions are hedging downside risk rather than buying the dip.
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
