Short sellers trimmed positions by 26% over the month heading into Edison's April 28 earnings. Analyst opinion split sharply in recent weeks.
Short interest stood at 2.52% of free float as of April 23. That marks a 26% decline from month-ago levels. The retreat follows a March spike that briefly pushed SI above 3.4%. Daily shorts ticked up 1.3% in the past session to 9.71M shares. Days to cover remained stable at 3.9 days. Cost to borrow dropped 5% over the week to 0.36%, while utilisation held at 0.88%—well below the 4.21% 52-week high seen in early April.
The put-call ratio collapsed to 0.80 on April 24. That sits 1.7 standard deviations below the 20-day mean of 1.21. The ratio hit a 52-week high of 1.50 in early April before reversing sharply. The shift suggests bullish sentiment built as earnings approached, with calls dominating recent flow after a month of heavy put demand.
Morgan Stanley's David Arcaro cut his price target to $70 from $71 on April 21, maintaining an Underweight rating. The same day, Truist Securities initiated coverage at Hold with an $82 target. Seaport Global downgraded EIX to Neutral from Buy on April 20. Bank of America trimmed its target to $78 from $80 but kept a Buy rating. The mean target across all coverage sits at $75.75, implying 10% upside from the $68.86 close.
Earlier in the quarter, JP Morgan raised its Neutral-rated target to $74 from $66 in March. Ladenburg Thalmann downgraded to Sell with a $63 target on March 5. TD Cowen lifted its Buy target to $83 in February, while UBS downgraded to Neutral despite raising its target to $78.
The stock trades at 11.3x trailing earnings, down from 11.5x a month ago. Price-to-book fell to 1.48 from 1.51 over 30 days. EV/EBITDA edged up to 8.71, a modest 8-basis-point gain. Factor scores show strength in dividend quality (93rd percentile) and EPS surprise (96th percentile). The stock ranks at the 51st percentile on ORTEX's short score.
Insiders sold $7.0M net over the past 90 days. Executive Vice President Jill Anderson accounted for most of the selling, offloading shares between late February and early March at prices near $74–$75. Chairman Peter Taylor sold small tranches in March and April. Vanguard increased its stake by 481k shares in Q1 to 52.2M shares (13.6% of shares outstanding). State Street added 954k shares to reach 8.6%.
The stock dropped 2.1% on April 24, extending its one-week decline to 2.7%. Shares fell 3.4% over the month. The company announced the April 28 earnings date on March 13, shortly after the prior quarter's February 23 print.
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