Waste Connections (WCN) Stock Forecast & Price Target

Waste Connections
Bear Case

Investors should be bearish about investing in Waste Connections, Inc. for these reasons:

• Recent insider activity has been predominantly negative, with several senior executives including SVP Philip Rivard and SVP Robert Cloninger selling significant portions of their holdings in the second half of 2026, which may signal a lack of confidence in the stock's near-term appreciation potential from those closest to the company's operations.
• The company's balance sheet shows a debt-to-equity ratio of 1.17, indicating a relatively high level of leverage compared to its equity base, which could increase financial risk and interest expense burdens if interest rates remain elevated or if the company faces operational challenges that impact cash flow.
• Short interest in Waste Connections, Inc. has been increasing over recent months, with shares shorted rising to 3.42 million as of September 2026, representing a month-to-month increase and suggesting that a growing number of traders are betting against the stock's performance, potentially leading to higher volatility.
• Despite strong earnings, the stock has experienced a decline in price over the past year, falling from a 52-week high of $179.74 to the current level of $154.11, indicating that the market may be pricing in concerns about future growth sustainability or macroeconomic headwinds affecting the waste management sector.
• Some institutional investors have reduced their positions significantly, such as Engineers Gate Manager LP cutting its holdings by 91.0% and Junto Capital Management LP decreasing its stake by 69.8% in the second quarter, which could reflect a shift in institutional sentiment or a reallocation of capital to other opportunities with higher perceived returns.