Why this matters — Three distinct ORTEX data streams converged on CHE within days of each other. Short sellers are exiting, options traders are swinging bullish, and borrowing costs have collapsed — all following a strong earnings result.
Options sentiment hits 52-week extreme. The put/call ratio collapsed to 0.077 on April 23rd. That was the lowest reading in 52 weeks. On April 24th it remained depressed at 0.14 — nearly 2.4 standard deviations below the 20-day mean of 0.39. Call-side dominance has been sustained across two consecutive sessions.
Short interest drops sharply. Short interest fell 16.5% in a single day on April 24th. Over the week it dropped 17.1%, landing at 2.87% of float. That is a meaningful acceleration lower. The 30-day decline is 5.8%. Shorts have been covering into the earnings move.
Cost to borrow crashes. The cost to borrow stands at 0.41% — down 55% over one week. That move aligns directly with short sellers returning borrowed shares. Utilisation sits at just 2.98%, well below the 52-week high of 13.72%. Demand to borrow the stock has collapsed.
RBC Capital raised its price target on CHE to $436 on April 27th, maintaining its Sector Perform rating. The move follows a string of prior target cuts from multiple firms including Oppenheimer ($500) and Jefferies ($475 Hold). Those downgrades came amid concerns about Roto-Rooter margins and VITAS segment headwinds. The earnings beat on April 23rd — triggering a +12.9% single-day move — puts those cuts in a new light. Vanguard added 54,470 shares as of March 31st. JP Morgan Asset Management added 28,918 shares in the same period. CEO Kevin McNamara sold 1,500 shares on March 27th at $369.37, pre-earnings — a price now well below the current level of $421.
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