Short interest in BSBR nearly doubled over the past month ahead of Tuesday's earnings call. Cost to borrow jumped to 8.4% – up 826% in 30 days – signaling sudden pressure on the Brazilian lender.
Short interest stands at 3.6 million shares as of April 23, down 1.6% on the day but up 95% over the past month. The March surge saw shorts pile in from 1.8 million shares to nearly 4 million by mid-April before easing slightly. Days to cover reached 4.5 according to the most recent FINRA data. Utilization sits at 24%, well below the 52-week high of 46%, suggesting room for further borrowing despite the elevated cost.
Put-call ratio stands at 0.54, below the 20-day mean of 0.92 and registering a z-score of -1.06. The skew reflects bullish positioning – call activity is outpacing puts by nearly two-to-one. The ratio sits near the middle of its 52-week range of 0.01 to 4.33.
Analyst data is stale (70 days old). The most recent price target on record is $6.82, implying 14% upside from the $5.97 close. Historical changes show mixed sentiment. JP Morgan upgraded to Overweight in November 2024 while cutting the target to $6.00 from $7.00. UBS upgraded to Buy in June 2025. Goldman downgraded to Sell in October 2022 at $5.00. Jefferies initiated at Hold with a $5.70 target in October 2023.
The stock trades at 6.7x trailing earnings, 1.15x book value, and 0.88x sales. All three multiples expanded over the past month – P/E rose 0.14 points, P/B added 0.02, and P/S ticked up 0.006. Factor ranks are modest: 35th percentile on 30-day EPS momentum, 33rd on 90-day EPS momentum, 38th on forward EPS growth. The dividend score ranks in the 92nd percentile, reflecting the bank's history of payouts through early 2022.
Insiders sold $1.54 million net over the past 90 days. All nine recent trades were sales by vice presidents and division heads, ranging from $71,000 to $326,000 each. Vanguard leads institutional holders with 17.6 million shares (0.47%), adding 581,000 shares in Q1. Dimensional added 938,000 shares, JP Morgan Asset Management added 546,000. BlackRock held flat at 4.3 million shares.
The bank last reported on February 4, 2026. Prior prints occurred in October 2025 and February 2025. No price reaction data is available for those events.
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