CarGurus (CARG) is entering its Q3 earnings release with significant bearish sentiment. Ortex data from November 6, 2026, confirms that short interest has reached a one-year high. This skepticism is further reflected in the options market, where the put/call ratio hit 56.0 on November 5—more than two standard deviations above its 20-day average. While the short score has risen to 61.5, the borrow market does not currently signal a squeeze; availability remains high at 628% and the cost to borrow is a modest 0.46%. Bears are citing concerns over FTC pricing transparency rules and potential structural drags on marketplace revenue, while bulls point to strong Q2 momentum. The combination of high short interest and elevated put volume suggests traders are positioning for volatility around the upcoming results.
Signal data sourced from Ortex. This post is an original analysis prepared by The Forensic Ledger from publicly available data. Not investment advice.
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