Tapestry shorts hit three-week high

Short interest in TPR jumped 13.3% in a single day on 26 October, reaching 8.8% of free float. That is the highest reading in three weeks, and a 21% climb over the past month.

Position builds quickly

Shorts added roughly 2.1 million shares on Monday alone, pushing total estimated short shares to 18.1 million. The weekly gain of 14.9% marks an acceleration from a position that had been largely range-bound through September and early October.

The FINRA-reported fortnightly figure, settled to 15 October, stood at 17.3 million shares, implying a days-to-cover ratio of 7.1. The ORTEX daily estimate has moved well above that since.

Analysts lower targets ahead of earnings

Three analyst firms cut price targets in October without changing their buy-side ratings. Baird's Mark Altschwager lowered his target to $150 from $165 on 27 October. UBS's Jay Sole cut to $200 from $232 on 20 October. Raymond James's Rick Patel moved to $140 from $165 on 16 October. The consensus mean target sits at $161.53 against a share price of $110.90, down 5.8% over the past week.

Earnings are scheduled for 5 November. The last two quarterly prints produced one-day moves of -16.1% and -10.3% respectively.

Options market shifts

The put-call ratio hit 1.28 on 26 October, 3.8 standard deviations above its 20-day mean of 1.18. The 52-week low for the PCR is 0.38, so the current reading reflects a sharp one-session shift in how options participants are positioning rather than a persistent structural skew.

Borrow costs up sharply

Cost to borrow rose 74% over the past week to 0.59%. Despite the increase, availability remains very loose at 3,347%, meaning more than 192 million shares are available to lend against the current short position. The borrow market is not under stress, but the directional move in cost has been rapid.

Data summary

• SI % of free float: 8.8%, up from 7.7% one week ago
• SI change: +13.3% in one day, +15.0% over one week, +21.0% over one month
• Cost to borrow: 0.59%, up 74% over one week
• Availability: 3,347% (very loose lending market)
• PCR: 1.28, z-score 3.8 vs 20-day mean
• Consensus price target: $161.53 vs last close $110.90
• Next earnings: 5 November 2026