Short sellers have built a significant new position in waste-management giant Republic Services in the past month. Options traders are positioning for downside, while utilisation remains subdued despite the increased borrowing.
Short interest stands at 3.68 million shares, representing 1.19% of the free float as of April 22. That marks a 25% increase over the past month and a 5% jump in the past week alone. Days to cover sits at 2.35 based on the latest FINRA data. The recent buildup is notable for a defensive stock in a traditionally stable sector. Shares closed at $214.04 on April 23, up 4.3% on the day but down 1.2% over the past month.
Put-call ratio spiked to 1.17 on April 23, more than double the 20-day average of 0.55. The z-score of 2.15 indicates the current PCR is two standard deviations above recent norms. Elevated put buying over the past three sessions suggests options traders are bracing for volatility or downside into the print. The PCR hit 1.26 on April 20 before settling at current levels.
Borrowing costs jumped to 0.55% on April 22, up 51% week-over-week and 15% over the month. Despite this, utilisation remains low at just 0.21% of available inventory. That's well below the 52-week high of 2.82% seen earlier in April. The low utilisation suggests ample shares remain available to short, indicating the recent SI increase faces minimal supply friction.
RSG last reported earnings on February 17, 2026. The stock has historically traded in a tight range around waste-sector fundamentals. The company announced its Q4 2025 print on January 8, giving the market advance notice. Prior earnings dates cluster in mid-February based on the event history.
No active ORTEX Alpha signals are currently flagged for Republic Services. The ORTEX short score sits at 30.01, relatively stable over the past two weeks. The combined score of 30.02 reflects muted overall sentiment from technical and short-related indicators.
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