Prologis reports April 28 with short interest at just 1.17% of float and a wave of price-target raises behind it. Analyst conviction has firmed into the print, though options positioning has turned bearish in recent sessions.
Short interest stands at 10.8 million shares, or 1.17% of free float as of April 23. The position slipped 1.5% over the past week and is down 3.5% over 30 days. Days to cover sits at 3.1 based on the latest fortnightly FINRA data. Cost to borrow is negligible at 0.41%, up 46% week-over-week but still reflecting minimal friction for shorts. Utilization remains subdued at 0.45%, well below the 52-week high of 1.77%. Short sellers show little urgency heading into the report.
The put-call ratio clocked 0.76 on April 24, below its 20-day mean of 0.83 and sitting 1.4 standard deviations below that average. The ratio reached a 52-week high of 1.68 in March and a low of 0.45, placing current sentiment in the lower third of the range. Bearish positioning has built quietly over the past two weeks as the stock climbed.
Wall Street's average price target is $148.75. Recent weeks brought a string of raises. B of A Securities lifted its target to $162 from $153 on April 20, maintaining a Buy rating. UBS followed on April 17, raising to $161 from $148, also with a Buy. BTIG bumped its target to $160 from $155 the same day, keeping a Buy. Scotiabank raised to $154 from $146 on April 21, maintaining Sector Outperform. Evercore ISI hiked its target to $135 from $121 on April 17 but held an In-Line rating, the lowest on the Street. Benzinga's bull case highlights Prologis's 60% jump in third-party capital AUM and a projected 9.5% yield for 2025, outpacing the REIT sector by over 500 basis points. The bear case notes Southern California softness, a 10% drop in new warehouse deliveries for Q1, and rising vacancy from earlier construction booms.
The P/E ratio stands at 42.4, essentially flat over the past month. EV/EBITDA is 25.3, up 0.2 points in 30 days. PLD ranks in the 94th percentile on 30-day EPS momentum and the 92nd percentile on 90-day EPS momentum. EPS surprise scores sit at the 75th percentile. Forward 12-month EPS growth ranks in just the 3rd percentile, signaling limited expansion expectations.
Insiders sold $1,687 net over the past 90 days, a trivial sum. Vanguard holds 13.2% of shares, up 1.3 million in Q1. BlackRock added 3.1 million shares to reach 10.7%, and State Street lifted its position by 444,000 to 6.2%.
The stock closed at $142.10 on April 24, up 9% over the past month but down 2.1% over the week. Prior earnings prints on April 16 (four separate listings in the data) bracket the upcoming report.
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