MiniMed Group delivered a strong earnings print on September 1. The stock is up 22% on the week. Now short sellers are rebuilding — fast.
Pre-earnings, the dominant trend was covering. Bears spent August trimming positions, and the lending market briefly loosened. That has reversed sharply since the print.
Shares short hit 7.93 million on September 1. That is up 13% in a single day and 15% over the past week. The monthly change is now +18%. Bears who stepped aside ahead of earnings are coming back — and they are paying more to do so.
Cost to borrow stands at 7.14%, up 61% in a week and nearly 5x the level seen in mid-August. One month ago it was below 1.5%.
Availability has dropped to 19.4%. For every five shares already borrowed, only one remains available to lend. The 52-week floor is 14.2%, touched on August 21. The market is approaching that level again — this time with short interest rising rather than falling.
The ORTEX short score has climbed to 77.8, up from 75.4 a week ago. The lending market is tighter than it was at any point in the pre-earnings build.
The Street is firmly constructive. Seven firms raised price targets on September 1-2. Evercore ISI jumped to $27 from $20. BofA and UBS both sit at $28. The consensus target is $24.58 against a current price of $23.76. Not a single firm cut.
The put/call ratio has softened to 1.89 from the 2.79 peak seen during the pre-earnings anxiety. Options traders are less defensive now than they were before the print.
That creates a split: analysts and options positioning lean bullish post-earnings; short sellers are rebuilding into the rally.
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