MiniMed Group reports on September 1. The lending market has moved sharply since the last note two days ago — cost to borrow has nearly tripled, and options defensiveness has held firm.
Two days ago, cost to borrow stood at 4.42%. It now sits at 6.14% — up 196% over the past week. That acceleration has come despite short sellers continuing to cover. Shares short fell another 10% over the past seven days to 6.53 million.
The dynamic is the same one flagged on August 26, now more extreme. Fewer shares are short, but the remaining borrowers are paying significantly more to hold their positions. Availability has tightened further to 18.7% — meaning roughly one share remains available for every five already borrowed. The 52-week floor is 14.2%, reached just last week on August 21.
That floor matters. The market briefly touched near-maximum tightness, partially loosened, and is now tightening again as earnings approach. Bears who want to stay short are not finding it cheap.
The put/call ratio reached 2.79 on August 27 — the highest in two weeks. That is 2.1 standard deviations above the 20-day mean of 1.90. The ratio has sat above 2.60 every session since August 24. This is not a spike; it is a sustained shift in options positioning.
The 52-week PCR high is 9.66, so there is room above current levels. But the consistency of elevated put demand over the past five sessions reinforces the picture of a market buying downside protection into the print.
The consensus rating is sell, though the picture from individual firms is more mixed. UBS assumed coverage on July 28 with a Buy and a $25 target. Wells Fargo cut its target from $26 to $22 in June but maintained Overweight. B of A trimmed from $27 to $20 in May, also maintaining Buy. The mean price target across analysts is $20.83, against a current price of $19.51 — modest implied upside of roughly 7%.
The last earnings print was instructive. In June, MMED moved 14.3% on the day and 19.6% over five days. Options traders appear to be pricing for a meaningful move again.
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