LATAM Airlines Group has put in a strong week, but the move looks more like a sector-wide lift than a company-specific catalyst.
The stock gained 8.3% over the past week to close at CLP 24.49, extending a 13.7% rally over the past month. That performance sits squarely in line with global airline peers, which have broadly rallied on easing fuel costs and improving demand signals. Ryanair rose 8.7% on the week. IAG added 10.7%. Lufthansa climbed 10.1%. Mexico's Volar A outpaced the group with a 15.4% gain. LATAM's move is firm, but it is not leading the pack — it is moving with it.
The lending picture gives bears almost nothing to work with. Borrow utilization has been zero for at least the past six weeks, meaning there is effectively no short interest active in this name through ORTEX-tracked lending channels. The SI % of free float is negligible. Availability data is absent, which is consistent with a market where no borrowing demand exists. The cost-to-borrow data on record dates to June 2022 and is stale — it carries no weight for the current setup. The ORTEX short-score history is similarly dated, last recorded in September 2022. What these gaps collectively say is that this Chilean-listed stock has minimal short-side activity, and the borrow market is irrelevant to the week's story.
Ownership tells the more interesting tale. The shareholder register is concentrated and strategic. Lauca Investments holds 13.2% but trimmed roughly 24 billion shares in February 2026 — a disposal valued at approximately $745 million. Delta Air Lines and Qatar Airways each hold just over 10.5%, unchanged in recent filings. That trio alone controls a third of the company. BlackRock added modestly through May, and a handful of Chilean pension funds and local asset managers round out the top holders. The Lauca sell-down is the only meaningful flow event in recent months, and at 128 days old it is already priced in.
The analyst data carries a mean price target of CLP 0.035 — a figure that is almost certainly a stale or currency-mismatched entry and should not be used to frame upside or downside from the current CLP 24.49 price. No recent analyst changes are on record. The valuation multiples in the snapshot carry "as_of" dates from 2018, making them equally unreliable for current context. The factor scores offer a cleaner read: LATAM ranks in the 87th percentile on short-score rank and the 90th on utilization rank — both reflecting the near-absence of short activity. The dividend score at the 67th percentile is consistent with the modest CLP 0.059 per share dividend declared in April 2026, the first payout since before the pandemic restructuring.
Next earnings are due on August 5. The most recent print, in early May, produced an 11% single-day jump and a 5.3% five-day gain — the strongest reaction in the recent history. The prior quarter delivered a 1.5% one-day decline. The wide swing between those two outcomes, and the airline sector's ongoing sensitivity to fuel prices and FX moves in Latin American markets, means the August release is the next meaningful inflection point to track.
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