IBEX is flashing a rare alignment of signals. Short sellers are retreating fast. The borrow market is loosening. And options traders are the most bullish they've been all year.
The put/call ratio hit 0.066 on May 12 — a 52-week low. That's 2.08 standard deviations below the 20-day mean of 0.131. For every put traded, roughly 15 calls changed hands. The prior 52-week high on the PCR was 3.09, underscoring just how dramatic the reversal in sentiment has been.
This comes on the heels of a strong earnings print. IBEX posted a one-day move of +15.6% following its most recent results in early May — the second consecutive double-digit earnings jump.
Short interest as a percentage of free float stands at just 1.04%. That's down 16% over the past week and down 36% over the past month. At the start of April, short interest was running closer to 1.8% of float. The retreat has been steady and broad-based.
The borrow market reflects the same dynamic. Cost to borrow collapsed to 0.60% on May 12 — down 55% in one week and down 80% over the past month. Back in early April, the rate was running near 3%. Availability has loosened significantly as demand for borrowed shares dried up.
Analyst consensus sits at a mean price target of $37.50 — roughly 21% above the current price of $31.02. RBC Capital last raised its target to $40 in November 2025. Baird downgraded the stock to Neutral in May 2025 at $30, but IBEX has since re-rated higher.
The bull case rests on accelerating revenue growth: management reported 18.2% top-line growth in the most recent quarter — the fastest pace in 11 quarters. Digital and omnichannel delivery now makes up 82% of total revenue, up from lower levels a year prior.
American Century added 74,543 shares in its most recent filing. Robert Dechant — listed as a top holder — added 77,589 shares. Both are notable given the stock's strong recent run.
See the live data behind this article on ORTEX.
Open IBEX on ORTEX →ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
