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S3 Partners

    RH Shorts Lose Half Their YTD Profits on 18% Move

    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 RH’s stock price fell almost $29/share on March 29th and short sellers began taking profits.

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  • Beyond MeatEquitiesS3 Research

    S3 Analytics: BYND Shorts Are Getting Roasted

    by S3 Partners

    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 “break even” on an EBITDA basis for the year.

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  • Beyond Meat Inc’s (BYND) stock price has increased by 244% since its May IPO and short sellers, most of whom entered their trades after BYND’s initial pop to $70, are down 20%. Short sellers had been very active immediately after BYND’s IPO but recently been relatively quiet with shares shorted increasing by only 838 thousand shares, +$67 million, over the last week.

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  • 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.

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  • Short interest in the two recently IPO’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 IPO’ed less than two weeks ago, trailing slightly behind at $926 million.

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  • 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 SITE’s stock price has rallied 24% over the same time period.

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  • S3 ResearchSectorsUber

    S3 Analytics: UBER Update

    by S3 Partners

    We’ve just published our initial UBER short interest numbers:

    UBER short interest is $768 million; 20.71 million shares short; 11.51% of its float; stock borrow rates are in the 3% to 5% fee level.

    We expect UBER short interest to increase over the next several days as short sellers continue to be active. If short interest does continue to climb we can expect short borrow rates to rise in lockstep and reach double digit fees over the next day or two. As with most IPO’s, the cost to borrow climbs steadily over the first week to two weeks until shares settle, and lending inventory replenishes. LYFT stock borrow rates hit over 100% fee early on and with two weeks fell to below 5% fee.

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  • With the Chicago Board Options Exchange Volatility Index, better known as the VIX Index, nearing year-to-date highs we would expect short selling in VIX related ETF’s and ETN’s to not only be active, but also trend significantly upwards as traders and portfolio managers sell volatility. While we are seeing a slight bump up of VXX ETF short selling over the last several days, we are not seeing the increase in short selling in the remaining eight actively shorted VIX ETF’s\ETN’s that we observed at the start of both 2018 vol spikes.

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