Stories are generated from ORTEX data and reviewed by the ORTEX team. How we publish
ANDG heads into the final stretch before November earnings with a notable tension: short sellers have been steadily rebuilding positions over the past month while analysts have been raising targets and the stock quietly pushes higher.
The short-side rebuild is the standout development in the data. Shares short have climbed 23% over the past month to roughly 2.39 million, a steady accumulation that picked up pace in late September. The week-on-week rise of about 6% confirms the trend is continuing, not fading. Despite that, the borrow market is far from stressed. Availability is running at around 275%, meaning roughly 6 million shares remain available to borrow against the current short position. That is well off the tightest level of the past year, which dipped to 41% of short interest. Cost to borrow is also modest at 1.12%, up slightly on the week but down sharply from a month ago. The ORTEX short score has edged up to 64.1, its highest reading in the recent window, driven by the accumulating short interest rather than any squeeze pressure in the lending pool. The setup looks more like deliberate repositioning by bears than a crowded, desperate trade.
The Street has moved in the opposite direction. Truist Securities raised its target to $70 on September 25, a significant step up from $55, while maintaining a Buy rating. That follows Baird lifting its Outperform target from $57 to $64 at the end of August. BMO Capital started coverage in early September at Market Perform with a $58 target, essentially in line with where the stock trades now at $57.12. Morgan Stanley and Wells Fargo both hold Equal-Weight ratings with targets of $54 and $49 respectively, meaningfully below the current price, providing the gravitational pull the bears may be leaning on. The consensus mean target of around $60 implies only modest upside from here. Bulls point to structural demand from family offices, a 51% revenue chunk from Private Client Services growing at 18% year-on-year, and an M&A pipeline of roughly 400 firms representing $5 billion in total revenue. Bears counter that the 2026 guidance raise leans heavily on inorganic contributions, with organic assumptions improving by only $5.5 million of the $27.5 million total revision, and that AI-driven pricing pressure and uneven profitability remain live concerns.
The ownership register adds a layer of complexity. Durable Capital Partners, which held more than 13% of the company as of its December 2025 13G filing, sold 336,736 shares in early July at around $40 per share, a $13.5 million open-market disposal at a price well below today's level. The stock has since rallied nearly 43% from that exit point, a notable gap. Driehaus Capital moved the other way, lifting its stake from 4.4% to 10.5% as disclosed in August, making it one of the more aggressive accumulators in the register. Brown Advisory filed a 13G/A on October 7, the most recent filing, showing it has reduced its position to zero shares, a meaningful shift given it was the largest holder at over 11% as recently as August. All 13D/G positions are as last disclosed around the 5% threshold; holders dropping below 5% may exit without a further filing.
The earnings history adds a degree of caution to the bullish narrative. The last quarterly print in August produced a one-day move of roughly flat, but the stock fell just over 7% in the five days that followed. The next event is scheduled for November 19, 43 days away. Between now and then, the key question is whether the rate of short rebuilding continues, whether Driehaus and other accumulators add further, and whether Brown Advisory's exit is a one-off or signals broader institutional rotation out of a stock that has more than doubled year-to-date.
See the live data behind this article on ORTEX.
Open ANDG on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data and reviewed by the ORTEX team. Content is informational only and does not constitute investment advice.
