Options traders are positioning defensively on CARR. The put-call ratio hit 1.76 on August 18 — a two-week high and more than two standard deviations above the 20-day mean of 1.44.
That z-score of 2.05 is the standout signal. It reflects a meaningful tilt toward protection, not noise.
CARR dropped 13.6% on July 28 after missing earnings. The stock has shed another 10.6% over the past month since then. The PCR tells a clear story: options traders pivoted hard toward puts as the slide continued. A month ago, the PCR sat below 0.84. It has more than doubled since.
The 52-week PCR range runs from 0.62 to 2.13. At 1.76, the current reading is elevated but not extreme. There is room for sentiment to deteriorate further before hitting historical stress levels.
Short sellers have been adding as well. SI climbed 22% over the past month to 2.19% of free float as of August 17. That is a meaningful rate of change on a small base. The absolute level remains low, so it does not dominate the picture.
Availability is abundant at 3,469% — there are roughly 557 million shares available to borrow. Shorting CARR is cheap and easy right now. Cost to borrow sits at 0.45%, up around 18% over the past week but still low in absolute terms.
The average analyst price target is $77.82 — 27% above the current price of $61.42. Citigroup's Andrew Kaplowitz raised his target to $80 in July, maintaining Buy. Evercore ISI has an Outperform with an $85 target. Morgan Stanley is the outlier at Equal-Weight, with a $60 target that sits below the current price.
The spread between the bull and bear views is wide. Q3 earnings land October 29. That date is the next natural reset for the disagreement.
Data summary
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