Three distinct signals are moving in the same direction on AMG. Options traders have swung decisively toward calls. Short sellers are cutting exposure. The divergence across signals is striking — and they all point the same way.
The put-call ratio hit 0.67 on August 26. That is 2.5 standard deviations below the 20-day mean of 0.95. The 52-week range runs from 0.16 to 1.71, placing the current reading in the lower third. Traders are buying calls at a pace well above recent norms. This is the sharpest bullish options tilt AMG has seen in weeks.
The shift is sudden. As recently as mid-August, the PCR sat above 1.0 — meaning puts outnumbered calls. The reversal happened in three sessions.
Short interest dropped 16.6% in one week to 2.33% of free float. A month ago, SI was 37% higher than today's level. The covering has been orderly. No single-day spike. Consistent daily reductions across the past two weeks suggest a deliberate unwind rather than a panic exit.
At 2.33% of float, SI is not at an extreme. The short thesis was never the dominant story here. What matters is the direction: shorts are leaving.
Cost to borrow jumped to 0.97% from 0.30% the prior week — a 221% increase in a single week. That is notable given the borrow market itself remains very loose. Availability stands at 6,520%, meaning over 22 million shares are available to borrow against the ~655,000 currently short. There is no structural squeeze here.
The CTB spike looks transactional rather than structural. Someone moved quickly to borrow a meaningful block. The availability data says supply is not the constraint.
Millennium Management added 869,748 shares in the most recent filing period — by far the largest position change among top holders. Fuller & Thaler added 97,543 shares. These are active money managers, not passive index funds.
The consensus price target sits at $437.57 against a current price of $370.59 — roughly 18% implied upside. TD Cowen and Goldman Sachs both carry Buy ratings. The most recent target changes were to the downside in May, but both firms held their Buy calls.
Data summary
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