Sunbelt Rentals Holdings reports earnings today. Every data point is pointing the same direction.
Three separate signals — options positioning, short covering, and lending conditions — have converged on the same read ahead of the print. The bullish case is well-supported by the data. The bear case looks increasingly thin.
The put/call ratio fell to 0.72 on Monday. That is 2.17 standard deviations below its 20-day mean of 1.00. It is the most call-skewed reading SUNB has seen in the past year.
To put the shift in context: the PCR was 1.99 in mid-May — the 52-week high. In less than a month, it has collapsed to 0.72. The hedging that dominated spring positioning is gone. Call buyers have replaced it almost entirely.
Short interest has fallen sharply since early June. SI dropped roughly 21% in a single week to 1.24% of the free float — the lowest level in months. Bears were already leaving before today's number.
At 1.24% of float, short interest carries no meaningful directional weight. There is no squeeze dynamic here. The story is simply that bearish conviction in SUNB has been unwinding steadily.
The borrow market confirms it. Availability stands at 1,117% — roughly eleven shares available to borrow for every one currently lent out. The lending pool is wide open. Cost to borrow ticked up 55% over the past week to 0.51%, but at that absolute level it remains entirely inconsequential. Borrowing SUNB is essentially free.
The top holder list shows notable conviction. Dodge & Cox holds 12.9% of shares and added 3.7 million shares in the last reported quarter. Wellington Management entered with 11.2 million shares. Principal Global Investors added 5.8 million. These are not passive index flows — they are active managers building positions into the earnings event.
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