Options traders are making a clear call ahead of KVUE's May 21 earnings. The put-call ratio crashed to 0.34 on May 18 — a 52-week low. That's 3.5 standard deviations below the 20-day mean of 0.41. Call buying is dominant, and the positioning is extreme.
Kenvue reports on Thursday, May 21. The options market is leaning hard into the bullish side. The 52-week PCR range runs from 0.13 to 0.59 — Monday's print sits toward the lower (bullish) end of that band. The last two earnings prints saw modest 1-day moves: -0.5% in May and +0.96% in February. Neither was dramatic. The options positioning suggests traders want exposure to the upside this time.
The options sentiment doesn't exist in isolation. Short sellers have been covering steadily for weeks. SI has fallen 26% over the past month to 2.36% of float. At that level, short interest isn't the story — the direction is. From a peak of roughly 65 million shares short in mid-April, the position has unwound to 45 million. Bears have been stepping back as earnings approach.
Cost to borrow spiked to 0.43% APR on May 14 before pulling back to 0.34%. That's a notable move in percentage terms — up roughly 44% over a month — but the absolute level remains low. Availability sits at 9,999%, the lending pool is enormous. The CTB move reflects the mechanics of covering activity, not a genuine tightening of supply.
The consensus price target stands at $19.50, against a current price of $17.18 — implying roughly 13% upside. Three analysts (Citigroup, Barclays, UBS) cut targets in April, clustering around $18–$19. None changed their ratings. The wall of neutral ratings reflects a stock where analysts see fair value above here but lack a near-term catalyst to turn constructive. Earnings on Thursday is the test.
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