ATN International reports this morning with a Q1 miss already in hand — EPS came in at -$0.29, a $0.41 shortfall against the $0.04 estimate, while revenue of $182.2M fell just short of the $183.4M consensus. The stock is heading into the call at $27.40, having dipped 0.9% in the prior session, though it has held broadly flat over the past month.
The more telling signal ahead of the print is options positioning, which has grown notably more bullish. The put/call ratio dropped to 0.22 — well below its 20-day average of 0.27 — a shift that happened gradually over the past month as the PCR drifted down from the 0.33-0.38 range that characterised mid-April trading. Call demand has clearly picked up heading into the print, a reversal from the cautious tone that prevailed through most of last month.
Short interest tells a quieter story. Bearish positioning is negligible: shares short total roughly 147,000, and borrow conditions are loose with a cost to borrow at just 0.68% and ample availability. The ORTEX short score has been drifting lower — from around 29.8 two weeks ago to 28.9 now — reinforcing the picture that short sellers are not pressing a directional bet into these results. The DTC rank and utilization rank both sit in the 75th percentile, but in absolute terms the borrow market shows no sign of stress.
The insider picture adds a layer of complexity. In March, the entire senior leadership team sold shares — Executive Chairman Michael Prior, CEO Brad Martin, CFO Carlos Doglioli, and General Counsel Mary Mabey all liquidated positions on March 13, with another cluster of sells on March 25. The transactions were modest in dollar terms (the largest single sale was around $115,000), but the coordinated timing across the C-suite is the kind of pattern that gives pause. Net insider activity over 90 days is reported as positive at $1.1M net bought, which may reflect earlier grant-related acquisitions offsetting the sales. Analyst data is stale — the most recent changes date to late 2024 at the earliest — so the Street's current view is largely unreadable from the available record. The consensus price target of $69 is almost certainly an artefact of outdated filings given the stock trades at $27.40; treat it as unreliable.
The company has reaffirmed its 2026 outlook despite the Q1 stumble, which makes the earnings call less about whether this quarter's numbers are good — they weren't — and more about whether management can convince investors that the full-year targets are genuinely intact rather than optimistic holdovers from a more forgiving macro environment.
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