Teradyne closed at $418.08, up 10% for the week and 31% over the month, as Wall Street lifted targets sharply. The stock reports earnings Monday evening. Short interest sits at 3.1% of float—below 5M shares for the first time in weeks.
Teradyne closed at $418.08 on April 24, up 4.3% on the day. The stock gained 9.9% over the week and has climbed 30.6% in the past month. The rally has been steady rather than explosive—no single catalyst drove the move. Instead, momentum built as analysts raised targets and AI-test demand expectations strengthened.
Short interest stood at 4.90M shares (3.13% of float) on April 23. That's up 2.5% over the past week but effectively flat versus a month ago. The count peaked at 5.18M shares on April 1 and has since declined 5.4%. This is the lowest reading since late March. Days to cover remains modest at 1.64 per the April 15 FINRA report. Cost to borrow dropped 33% over the week to 0.32%, erasing a brief spike to 0.53% on April 22. The past 30 days have seen CTB oscillate in a 0.15%–0.54% range. Utilisation sits at just 0.10%—ample supply remains for new shorts. The 52-week high was 10.47%, reached during a prior volatility episode.
Put/call ratio closed at 0.63 on April 24, above its 20-day mean of 0.58. The z-score sits at 1.02—modestly elevated but not extreme. PCR has climbed steadily from 0.47 in mid-March to current levels, suggesting a shift from call-heavy positioning to more balanced flow. The 52-week range is wide: a low of 0.41 and a high of 5.43, the latter reflecting an earnings-week spike.
Wall Street's mean price target is $344.59, roughly 18% below the current price. The stock's 31% monthly rally has outpaced recent revisions. UBS raised its target on April 21 to $440 from $325, maintaining a Buy rating—analyst Timothy Arcuri led that call. JP Morgan's Samik Chatterjee lifted his Neutral-rated target to $400 from $315 on April 16. Susquehanna's Mehdi Hosseini went to $415 from $335 with a Positive rating on April 9. Cantor Fitzgerald's C.J. Muse also raised to $400 from $330, keeping Overweight. Baird's Richard Eastman moved to $332 from $305 on March 30, holding Outperform. Earlier in the cycle—post-February earnings—Goldman Sachs, Citigroup, Cantor, Evercore ISI, and Stifel all lifted targets into the $300–$330 range.
The bull case centers on AI-driven semiconductor test revenue climbing past 50% of the mix by CY27, with total revenue expected to reach $5.0B. HDD test orders are improving and may double revenue by CY26. The bear case warns of prolonged weakness in smartphone and datacenter AI infrastructure demand, share loss at key customers, slower industrial automation growth, and execution risk in robotics. US-China trade tensions and excess capacity add headwinds.
P/E stands at 57.0, up 8.7 turns over the past month and 2.0 over the week. P/B is 17.5, having climbed 3.4 over 30 days. EV/EBITDA is 42.5, down slightly over the month but up 0.9 in the past week. The stock ranks in the 92nd percentile for 12-month forward EPS growth. EPS momentum scores are strong: 70th percentile over 30 days, 82nd over 90 days. Earnings surprise sits at the 69th percentile. The dividend score is at the 90th percentile. Sector relative score is 84th percentile. Short interest ranks in the 66th percentile; days to cover in the 78th.
Vanguard added 1.68M shares in Q1, bringing its stake to 20.30M (12.97% of shares). BlackRock added 785K to 15.38M (9.83%). State Street lifted its position by 75K to 7.08M (4.52%). Point72 Asset Management trimmed sharply—down 1.53M shares to 2.82M (1.80%). Alkeon Capital cut 88K to 2.07M (1.32%). ARK Investment held flat at 2.36M (1.51%). FMR added 194K to 2.25M. Van Eck added 169K to 2.28M.
Insiders sold a net $10.9M over 90 days (43,869 shares). CEO Gregory Smith sold 6,763 shares at $249.53 on February 2 for $1.69M. President Regan Mills sold small lots throughout—16 shares at $342.17 on April 8, 252 at $290.88 on April 2, 222 at $312.20 on April 1, and 788 at $332.87 on February 25. President Shannon Poulin sold 1,162 shares at $312.20 on April 1 for $363K. Director Mercedes Johnson sold 625-share blocks three times: April 6 at $312.20, March 5 at $299.20, and February 5 at $266.98. All were routine equity comp sales.
Teradyne reports earnings Monday, April 28 at 8:30pm ET. The company has not published earnings reaction data for recent quarters in this snapshot. Given the 31% monthly rally and stretched valuation, the bar is high. Sell-side targets trail the stock by double digits despite recent raises. Watch for commentary on AI test demand, HDD outlook, and mobile/NAND recovery timing. Any beat-and-raise would need to be substantial to sustain momentum.
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