Why this matters — Three distinct ORTEX data points have aligned on RSG within 48 hours. Short interest, options sentiment, and cost to borrow are all flashing bearish signals simultaneously on the waste management giant.
Short interest surged 25% over one month. Shares short climbed from 2.94 million to 3.68 million between March 23 and April 22. Short Interest as a percentage of free float now sits at 1.19%, up from under 1% a month ago. The most recent week alone saw a 5% increase as bears piled in.
Put buying has dominated options flow. The put/call ratio spiked to 1.16 on April 21, more than double the 20-day average of 0.53. This represents a Z-score of 2.46 standard deviations above normal. Traders flipped from neutral to heavily bearish in a matter of days.
Cost to borrow jumped 51% in one week. The stock's borrow rate climbed from 0.37% on April 15 to 0.55% on April 22. While still low in absolute terms, the sharp percentage increase signals tightening share availability as more bears enter positions. The rate has oscillated between 0.17% and 0.55% over the past month.
RSG has seen similar convergence before. Utilization spiked to 2.43% on April 3 as shares short briefly topped 3.98 million. That episode unwound within days. The current build appears more sustained, with steady accumulation rather than a single-day spike.
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