WPM Short Interest Hits a Year High as Stock Outpaces Peers

Among the gold royalty and streaming group, WPM carries the lightest bearish positioning of its closest comparables, yet that positioning has been building steadily. Short interest in Wheaton Precious Metals has climbed to its highest level in at least a year, reaching 0.72% of the free float, up 28% over the past month. Peers ARIS and EQX have seen their own short interest move in a similar direction, but the lending market data tells a sharply different story for Wheaton: availability is running at nearly 2,800% of outstanding short interest, meaning shares to borrow are plentiful and the cost to borrow at 0.67% is near its lowest in months. The setup is one of rising short positioning without any constraint from the lending pool.

The stock's recent performance cuts against that bearish drift. Wheaton gained 8% over the past week, nearly double the 4.7% median move across its closest peers over the same period. AEM added 7.5% on the week and EQX rose 11%, making the broader sector tone constructive. ARIS was the notable laggard, falling 3.5%. Wheaton's one-month picture is softer, down about 4%, a dip the weekly recovery has only partly repaired.

The analytical backdrop is thin on fresh signals. Analyst data on file is too dated to carry weight here. What the ORTEX factor scores do show is a stock that scores well on dividend reliability (top percentile) but trails on earnings momentum, with both 30-day and 90-day EPS momentum rankings below the 35th percentile. The valuation carries a 27x trailing PE and an EV/EBITDA of 17.8x, the latter expanding by 0.6x over the past month as the share price partially recovered.

Insider activity over the past 90 days has leaned toward selling, with net sales of roughly 8,600 shares valued at approximately $1.2 million. All recent transactions were carried out by a single insider at the director/officer level and all were small relative to the company's market capitalisation, so the signal is modest. No open-market buying appears in the recent record.

The print due today will test whether Wheaton's royalty revenue has kept pace with the gold price move that has driven the stock's year-to-date outperformance, and whether the uptick in short positioning over the past month reflects specific concerns about production volumes at partner mines or simply profit-taking pressure on a name that has gained roughly 26% in 2026.