Why this matters — Three distinct ORTEX metrics converged on BUD within 48 hours. Cost to borrow, options sentiment, and short interest all shifted sharply, signaling a coordinated unwinding of bearish positions.
Cost to borrow collapsed 50% in one week. The metric dropped from 1.14% on April 17 to 0.65% by April 22. This marks a 56% decline over the past month from 1.46%. When borrow costs crater this fast, shorts face less pressure to maintain positions. The path of least resistance points to exits.
Options traders flipped bullish. Put-call ratio fell to 0.73, down from a 20-day average of 0.78. The Z-score of -2.02 indicates call buying two standard deviations above normal. This shift occurred precisely as shorts began unwinding. Call buyers appear to be front-running a potential squeeze, or simply betting on momentum.
Short interest dropped 23% over the past month. Shares short declined from 6.63 million in mid-March to 5.11 million by April 22. The metric fell an additional 0.9% over the past week. Days to cover compressed to 2.23 from 3.8 in January. Utilization bounced to 40.6% on April 22 after touching 18% earlier in the week, suggesting some volatility in borrow demand remains.
BUD has seen utilization hit 100% within the past year. Current levels of 40.6% sit well below that peak. The stock also experienced similar unwinding patterns in early 2025, when short interest fell from elevated levels and cost to borrow eased. Those periods coincided with price rallies of 10-15%.
This is not financial advice. Data may contain inaccuracies.
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