Advanced Micro Devices reports Tuesday after a remarkable run higher. Short interest ticked up 6% over the month even as the stock surged, while analysts rushed to raise targets into the print.
Short interest stood at 36.28 million shares as of April 23, representing 2.23% of the free float. That marks a 6% increase over the past month despite the stock's 69% rally. Days to cover remains light at 1.17 days. Cost to borrow has eased to 0.35% from recent volatility, down 5% week-over-week. Utilization climbed to 0.67% on April 23, well below the 52-week high of 1.42%, suggesting ample shares remain available to borrow. Short sellers have held positions into the strength rather than capitulating.
The put/call ratio sits at 1.08 as of April 24, effectively in line with the 20-day mean of 1.08. The z-score of 0.12 indicates neutral sentiment, with no unusual skew either direction. PCR has compressed from the March highs near 1.19, when puts dominated, but remains above the 52-week low of 0.72. Options traders are showing little conviction ahead of the print.
The consensus price target stands at $292.39, now 16% below the current price of $347.81 after the recent rally. DA Davidson upgraded AMD to Buy from Neutral on April 24, raising its target to $375 from $220. Stifel lifted its target to $320 on April 20, maintaining Buy. Bernstein raised to $265 on April 16 while holding Market Perform. Earlier in April, Citigroup cut its target to $248 from $260, maintaining Neutral. Evercore ISI's February upgrade to $358 now looks prescient. The recent surge has left Street targets chasing price rather than leading it.
AMD's P/E ratio reached 38.1 as of April 24, up 8.96 points over the past month as the multiple expanded with the rally. The stock ranks in the 77th percentile on 30-day EPS momentum but just the 18th percentile on 12-month forward EPS growth, suggesting near-term optimism against muted longer-term expectations. EV/EBITDA has compressed 3.14 points over 30 days to 33.88 despite the price surge, implying earnings estimates have kept pace.
Insiders sold $52.3 million net over the past 90 days, with CTO Mark Papermaster offloading shares as recently as April 16 at $275, well below the current price. CEO Lisa Su sold $15.8 million in mid-March near $200. BlackRock increased its stake by 11.2 million shares in Q1, now holding 9% of shares outstanding. T. Rowe Price added 4.4 million shares, while JP Morgan Asset Management boosted its position by 8.4 million shares. Large institutions accumulated into the rally.
AMD last reported on February 4, 2026, with prior earnings events clustered in late January and early February. The stock has posted dramatic gains since the last print, with the 25% gain over the past week alone signaling momentum into this event. Prior reactions varied, but the current setup shows outsized expectations baked in.
No active ORTEX Alpha signals are currently flagged for AMD.
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