Why this matters: Short interest in MTB spiked sharply over the past two weeks. Yet the lending market has swung in the opposite direction — availability is now exceptionally loose, and the cost to borrow has collapsed. Two conflicting signals from the same stock deserve a closer look.
The spike was fast. Shares short climbed from around 4.3 million in late August to a peak of roughly 6.0 million on September 1 — a jump of approximately 40% in a week. That drove SI as a percentage of free float to 3.9%.
Since then, shorts have pulled back. As of September 2, estimated short shares stand at 5.29 million, with SI at 3.44% of free float — still above the mid-August baseline, but declining.
The options market echoed the bearish tilt. The put-call ratio hit 0.495 on August 31, nearly three standard deviations above its 20-day mean. It has since eased to 0.47, still elevated versus recent norms.
Here is where the story gets interesting. As short interest was rising, the lending market was moving in the opposite direction.
Cost to borrow collapsed 64% over the past week, falling from around 0.44% to just 0.17%. Availability now stands at 2,172% — meaning there are roughly 22 shares available to lend for every one already borrowed. That is well above the normal range and far above the 52-week low of 600%.
A tightening borrow market would suggest conviction behind a new short position. This one is wide open. The lending data does not support a sustained bearish build.
The ORTEX short score has climbed from 36.8 on August 21 to 42.9 as of September 1 — the highest in the tracked window, but still comfortably below levels that historically signal extreme pressure.
Analysts remain broadly constructive. Cantor Fitzgerald raised its price target to $285 on August 19, maintaining an Overweight rating. The consensus target sits at $257.25, versus the September 2 close of $235.48 — implying roughly 9% upside from current levels. No rating has been cut in recent weeks.
The dividend score ranks in the 94th percentile by factor score. EPS surprise ranks at the 81st percentile. Next earnings are scheduled for October 16.
See the live data behind this article on ORTEX.
Open MTB on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
