ING Groep N.V. saw short interest jump 13% over the past week to 1.51 million shares as of April 21. The surge follows a month-long decline that saw shorts drop 38% from early March levels.
The week-over-week increase marks a reversal in sentiment. Short positions had fallen steadily since hitting 2.02 million shares on March 31. The latest data shows shorts climbing from 1.33 million shares on April 13.
Cost to borrow spiked 59% week-over-week to 2.24%. The metric briefly hit 12.52% on April 17 before retreating. CTB has risen 820% over the past month from just 0.24% in late March. Despite the elevated borrowing costs, utilization remains low at 12.29%, well below the 52-week high of 65.96%.
Options traders turned sharply bearish Monday. The put/call ratio surged to 1.05, a new 52-week high and 4.0 standard deviations above the 20-day average of 0.42. The extreme reading suggests traders are loading up on downside protection ahead of earnings.
ING shares closed at $28.08 on April 22, down 4.9% over the past week. The stock has gained 11.7% over the past month. Days to cover sits at just 1.0, indicating minimal pressure on short sellers.
The Dutch bank reports earnings April 30. The timing of the short interest rebound and options spike suggests caution among traders entering the event.
This is not financial advice. ORTEX data is subject to change.
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