AMT Options Skew and Rising Short Interest Flag Diverging Views

Put buying in AMT has jumped sharply over two sessions. That diverges from a cost-to-borrow market that has collapsed to near-zero — and arrives one week before earnings.

Puts Stack Up as Earnings Approach

AMT's put/call ratio hit 1.053 on May 12. That is 2.3 standard deviations above the 20-day mean of 0.88. Options traders are paying for downside protection at the highest rate in weeks.

The timing matters. AMT reports next on May 20. Elevated put buying ahead of an earnings date can reflect hedging rather than outright bearish conviction — but the signal is consistent across two consecutive sessions.

Short Interest Rises, But Borrow Stays Wide Open

Short interest climbed 18% in one week to 1.71% of free float. At that level, AMT is not a heavily shorted stock by any measure. The float percentage alone would not warrant much attention.

What makes the move notable is the pace. An 18% weekly jump is the strongest momentum in four weeks. Short sellers are adding, even if the base remains modest.

The cost-to-borrow tells a different story. CTB collapsed 77% in one week to just 0.089% — one of the cheapest borrows in the market. Availability is extremely wide. This is not a supply-constrained short. New shorts are entering at almost zero cost, with no friction in the lending pool.

Analysts Still Constructive Post-Earnings

AMT reported Q1 on April 28. The stock moved +1.6% on the day. Analysts followed with a broadly constructive response.

JP Morgan maintained Overweight but trimmed its target from $245 to $240. Truist raised its target to $208 from $205, keeping Buy. Scotiabank lifted to $218. The mean analyst target sits at $216 — roughly 21% above the current price of $178.82.

The analyst community is not sounding the alarm. That creates a clear tension with the options positioning.

What to Watch

Three things converging: rising short interest, elevated put buying, and earnings in seven days. The borrow market offers no constraint on further short additions. Whether the put buying reflects genuine bearish conviction or pre-earnings hedging will become clear on May 20. Watch whether the PCR normalises into the event or continues to drift above the 20-day mean — and whether peers CCI and SBAC show similar options skew in the days ahead.

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Data summary

• SI % FF: 1.71% (up 18% in one week, up 21% in one month)
• Put/call ratio: 1.053 (Z-score: 2.28; 20-day mean: 0.88)
• Cost to borrow: 0.089% (down 77% week-on-week)
• Next earnings: May 20, 2026
• Mean analyst target: $216.14 (vs. current $178.82)
• ORTEX short score: 30.95