Following less than hoped for fourth quarter results RH turned the tables on analysts and reported first quarter results that beat on both earnings and sales. In addition to its strong performance CEO Gary Friedman gave a positive outlook for the rest of 2019. RH surged at the open and maintained most of its gains, up 18% in mid-afternoon trading. Short sellers have been trimming their exposure to the company in 2019, covering 2.0 million of their shares shorted, a decline of -28%. Most of the short covering occurred after RHâ€™s stock price fell almost $29/share on March 29th and short sellers began taking profits.
Beyond Meat Inc (BYND) reported 1st Quarter increased revenues of $40.2 million, an increase of 215% year on year as well as projecting full year revenues of $210 million. With sales and retail demand growing at breakneck speed Beyond Meat has increased its manufacturing capacity in hopes of meeting the additional demand. The plant based protein food producer believes it will become â€śbreak evenâ€ť on an EBITDA basis for the year.
We are seeing active short selling in Canada Goose Holdings (GOOS) today with the stock down 25% on news that fourth quarter revenues of $115.52 million missed analystsâ€™ expectations.
GOOS short interest is $406 million; 8.29 million shares; 14.13% of float; 0.87% stock borrow fee.
- Beyond MeatEquitiesS3 ResearchUncategorized
Beyond Meat Incâ€™s (BYND) stock price has increased by 244% since its May IPO and short sellers, most of whom entered their trades after BYNDâ€™s initial pop to $70, are down 20%. Short sellers had been very active immediately after BYNDâ€™s IPO but recently been relatively quiet with shares shorted increasing by only 838 thousand shares, +$67 million, over the last week.
Tesla Inc (TSLA) closed the day down -2.69%, and down -14% month-to-date. TSLA shorts are up $1.07 billion in mark-to-market profits in May, making it one of their most profitable months since 2016. TSLA shorts are having a rebound year, up $3.88 billion in mark-to-market profits in less than five months in 2019 versus mark-to-market losses of -$1.40 billion in 2018, -$3.56 billion in 2017 and -$400 million in 2016.
Short interest in the two recently IPOâ€™ed ride hailing and sharing services, Lyft Inc (LYFT) and Uber Technologies (UBER), total almost $2 billion and they hold the top two spots in the U.S. trucking sector. LYFT sits atop the trucking league table with $1.06 billion in short interest while UBER, which IPOâ€™ed less than two weeks ago, trailing slightly behind at $926 million.
Short selling in SiteOne Landscape Supply (SITE) is up again today, continuing a trend since the end of February. SITE shares shorted are up 830k over the last month, an increase of 13% and the largest increase of shares shorted in the Trading Companies & Distributors sector. Shorts have shorted 2.04 million shares over the last two and a half months, an increase of 40%, even though SITEâ€™s stock price has rallied 24% over the same time period.
- CorporateEquitiesInformation TechnologyNvidiaS3 Research
Nvidia (NVDA) short interest:
19.21 million shares / 3.29% of float / $3.08 billion notional at risk on short side (pre-open)
Shares of NVDA fell today after significantly cutting itâ€™s fourth-quarter guidance, adding to concerns that product demand was not as high as anticipated over the holiday season.