Garmin reports Wednesday morning with options traders leaning unusually aggressive into the print. The put/call ratio has dropped to 0.38, well below its twenty-day average and more than 1.5 standard deviations into call-heavy territory. That positioning reflects confidence after the stock climbed 7.6% over the past month to close Friday at $259.39. Short interest continues to drift lower — now 1.54% of the float, down 3.5% over the past thirty days — and the cost to borrow has eased nearly 30% in a month to just 0.39%. Borrow utilisation sits at 1.6%, nowhere near the 4.2% peak hit over the past year. The setup is placid on the short side and leaning long on the options desk.
The Street has warmed to the stock in recent months, though the consensus remains cautious at Neutral despite a mean target of $262. JP Morgan lifted its target to $285 in mid-April while holding its Neutral stance, and Morgan Stanley upgraded from Underweight to Equal-Weight in February after the company posted record revenue of $7.25 billion for 2025. Bulls point to fitness revenue surging 30% and operating profit climbing more than 26% year-over-year. Bears counter that outdoor revenue fell 5%, auto OEM sales slipped 2% on aging product lines, and return on capital has compressed from 23% to 21% over the past twelve months. Valuation multiples have moved with the stock — the P/E sits at 26.9, up nearly three points in a month — but the EV/EBITDA ratio of 19.7 has eased slightly as earnings expectations have ticked higher.
Institutional holders added shares in the first quarter. Vanguard lifted its stake by 65,000 shares, BlackRock by 40,000, and State Street by 77,000. Insiders sold roughly $20 million net over the past ninety days, most of it concentrated around the February earnings beat. That print triggered a 10.5% one-day gain and a 16% move over the following week — the sharpest post-earnings reaction in recent history and a reminder that Garmin can move hard when it clears a bar. The company's dividend score ranks in the 91st percentile and its sector score in the 84th, though the short score of 33 places it near the middle of the pack.
The report will test whether the fitness momentum that drove 2025 results can offset the headwinds in auto and outdoor, and whether management can hold margins near the elevated levels that drove the February re-rating.
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