UPS Short Interest Climbs Ahead of Tuesday Print

Short sellers add to positions into earnings. The logistics giant reports Tuesday morning with bearish bets up 10% over the past month.

Short interest positioning

Short interest stands at 19.4 million shares as of April 23, representing 2.62% of the free float. That marks a 10.3% jump over the past month and a 4.2% increase over the past week. Days to cover sits at 3.5 based on FINRA's fortnightly data. Cost to borrow remains low at 0.42%, down slightly over the week. Utilisation is modest at 4.01%, well below the 52-week high of 6.35% reached in March. The uptick in short shares suggests growing caution heading into the quarterly report.

Options market

The put/call ratio registered 0.76 on April 24, well below the 20-day mean of 0.81. The z-score of -2.64 signals a shift toward call buying relative to recent norms. The PCR sits in the lower half of its 52-week range, which runs from 0.40 to 1.05. The skew favours bullish positioning despite the rise in short interest.

Analyst activity

Analyst coverage has the consensus price target at $112.63, implying 5.2% upside from the $107.02 close. Recent moves cluster around the January earnings print. Jefferies raised its target to $130 on January 28, the most bullish call. UBS lifted to $125 the same day. JP Morgan maintained Neutral but raised to $107 from $99. Citigroup lowered twice—first to $120 in January, then to $118 on April 7 while keeping a Buy rating. Wells Fargo and Deutsche Bank both raised targets to $110 and $106, respectively, but held Equal-Weight and Hold ratings. According to Benzinga's bull case, UPS showed margin discipline with adjusted operating margin expanding to 10.2% despite revenue headwinds. The bear case notes domestic package revenue fell 3.2% year-over-year, pressured by trade policy shifts and a 14.5% drop in adjusted operating profit.

Valuation & factor positioning

The stock trades at a P/E of 14.77, up 1.18 points over the past month. The P/B ratio stands at 6.10, climbing 0.73 over 30 days. EV/EBITDA moved to 9.05, up 0.11 from a month prior. On factor scores, UPS ranks in the 85th percentile on both dividend quality and forward EPS growth. EPS surprise sits at the 55th percentile, while EPS momentum scores are near median.

Insider & institutional context

Insiders sold $2.66 million net over the past 90 days. Chief Legal Officer Norman Brothers sold $2.66 million in late January. CEO Carol Tomé bought $1 million worth in August 2025. Vanguard holds 8.06% of shares and added 1.2 million in the first quarter. BlackRock raised its stake by 2.3 million shares to 5.88%. State Street added 1 million shares to reach 3.78%.

Historical context

UPS last reported on January 27, 2026. The stock dropped 0.65% on April 24, paring some of the 8.7% gain posted over the past month. Prior prints occurred in January and October 2025.

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