SharkNinja arrives at its June 18 earnings report with positioning firmly skewed toward the upside — shorts retreating, options leaning bullish, and fresh analyst coverage adding fuel to a 23% monthly rally.
The short-side story has evolved since the June 10 article. SI has continued to ease, now running at roughly 5.9% of the free float after shorts covered another 10% over the past week — though it remains meaningfully above the ~5.6% level from a month ago, confirming that much of the May buildup has now been reversed into the stock's strength. Borrow availability has recovered from the tightest readings of the week prior, edging back up to 47% from a low of around 29% last week. That is still well inside the "tight" range, meaning roughly one share remains available for every two already lent out. Cost to borrow stays low at 0.64%, up about 25% over the past month but nowhere near distressed. Options reinforce the bullish lean: the put/call ratio is running at 0.42, slightly below its 20-day average of 0.45, and a full standard deviation below neutral — traders are reaching for calls, not puts, heading into the print.
The Street is aligned with that optimism, though with some valuation caveats. Piper Sandler initiated coverage on June 10 with an Overweight rating and a $150 target — the freshest vote of confidence. JP Morgan has maintained Overweight throughout, raising its target to $146 after the last earnings release in May. The consensus mean target is $149, roughly 11% above Thursday's close of $133.80. The bull case centres on SharkNinja's omnichannel reach across 180-plus retail partners, its track record of entering new product categories, and a clean fundamental profile — the EV/EBITDA multiple has compressed to about 13.8x over the past 30 days as the stock lagged briefly before rebounding. Bears counter with real concerns: heavy dependence on Southeast Asian supply chains, a consumer spending environment that remains uncertain, and a PE now back above 20x after the recent 23% monthly run. The analyst recommendation factor score sits at the 95th percentile, suggesting the Street is nearly unanimously constructive — which itself raises the bar for the print.
Historical reactions add a note of caution. The last two quarterly prints each produced a negative first-day reaction of roughly 3.5%, with five-day declines of 7-12% in each case. Neither sell-off was catastrophic, but the pattern suggests the stock has consistently failed to hold its pre-earnings gains in the immediate aftermath of the release.
Thursday's print is therefore less a test of whether SharkNinja is growing and more a test of whether that growth — particularly revenue trajectory and margin resilience in the face of tariff and supply-chain pressure — can justify the stock trading back near its analyst consensus target after a sprint that added nearly a quarter to the share price in a single month.
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