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Beyond Meat Shorts UP $170 million on Secondary Offering News

Beyond Meat Inc (BYND) reported mixed 2nd Quarter results with earnings of -$0.24/share, missing expectations, but Sales of $67.3 million beating expectations. The biggest news on the call was the announcement of a secondary offering of 3 million shares from existing investors and 250 thousand shares from the company. BYND investors will be able to cash in on the company’s nearly fourfold rise in its stock price ahead of their November lockup period expiration and Beyond Meat Inc. will be able to raise cash for operational purposes.

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Beyond Meat Shorts Down $106 Million on Dunkin’ Partnership

Beyond Meat Inc (BYND) and Dunkin’ Brands Group Inc (DNKN) have partnered to introduce the Beyond Sausage Breakfast Sandwich joining Burger King’s Impossible Whopper as a plant-based meat alternative fast food menu item. BYND is up almost 10% in late afternoon trading and short sellers are getting the non-meat sweats as they are down -$112 million in mark-to-market losses on the news.

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Tesla Shorts Up $1.5 Billion on Earnings & Revenue Miss

Tesla Inc (TSLA) reported second quarter results after the market closed on Wednesday and although they delivered a quarter of record deliveries (95,356 vehicles), record production (87,048 vehicles), and strong revenues ($6.35 billion) they also reported a wider than expected loss of -$1.12 per share. Tesla is projecting positive net income for the third quarter and the opening of its Chinese production facility year end. Another negative announcement was the resignation of its founding engineer and CTO, J.B. Straubel, after 16 years of service at the company.

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Fiserv Short Sellers Active Ahead of Earnings

Fiserv Inc. (FISV) will be reporting second quarter earnings results on Thursday, July 25th and short sellers have been busy building their short exposure ahead of the announcement. FISV is the most shorted stock in the worldwide Data Processing & Outsourced Services Sector with $5.3 billion of short interest; 55.78 million shares shorted; 14.31% of its float and a 0.30% (general collateral) stock borrow fee.

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Netflix Earnings Get a Thumbs Down, Shorts Up $802 Million

Netflix Inc (NFLX) reported 2nd quarter earnings of $4.9 billion, up 26% year-on-year, but added fewer than expected domestic and international subscribers driving its price down almost 11% in aftermarket trading following a relatively weak trading day which saw its stock price fall nearly 1%.

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Where has the Short Exposure Gone?

The S&P 500, Nasdaq and Russell 3000 were up +3.57%, +4.60% and +3.53% over the last thirty days and as expected with the year-long rally continuing short sellers were not piling into the short side of the market. U.S. equity (ex ETFs and ADRs) short interest is $757.1 billion, an increase of $29.5 billion, or +4.06%, over the last thirty days which tells us the rise on overall U.S. market short exposure was mainly due to mark-to-market share price increases and not an overall bump up in short selling.

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SNAP Short Sellers Still Getting Squeezed

Snap Inc. (SNAP) is up over 166% in 2019 and shorts are down $1.02 billion, -99.74%, in mark-to-market losses for the year. Unlike Tesla short sellers who refused to cover their short positions in the face of mounting losses, SNAP short sellers felt the squeeze and covered more than half their outstanding short shares. Since February, when we saw the start of the short squeeze, SNAP shares shorted declined by 75.1 million shares, a decrease of 52%.

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Most Expensive U.S. Stock Borrows: Beyond Meat

Long shareholders can take advantage of heavy short selling in their securities by lending out their “in demand” shares and earning stock loan fees by lending out their “fully paid for” shares. Stock borrow fees are calculated daily and stock loan transactions are done on an “overnight” basis (the stock loan can be terminated or recalled daily.) Below are the top 25 most expensive U.S. stock borrows with at least $50mm in short interest.

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SIRI Short Selling May Be Signaling End of Mini-Rally

Sirius XM Holdings Inc (SIRI) shares shorted have been in steady decline since the end of March 2019, but since the beginning of June short selling, along with its stock price, has been increasing. An additional 9.8 million shares of SIRI were shorted in June, an increase of +5.60% even as its stock price increased by 4.33%. Shorts were down $39 million in mark-to-market losses in June, wiping out virtually all of their year-to-date profits. SIRI shorts are now up just  $1.6 million in year-to-date mark-to-market profits, +0.14%.

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S3 Analytics: Heavy Shorting Into TWLO Rally

Cloud computing platform Twilio Inc (TWLO) is up over 50% in 2019 as its year on year revenue growth continues to surpass expectations. 1st quarter 81% year on year growth topped its previous two strong quarters and 2nd quarter expectations predict virtually the same impressive results. While long shareholders gleefully accumulated a 467% return since the end of February 2018, short sellers continued to cut their positions in an effort to realize some of the profits they earned since its IPO in June 2106. As of February 1st, short sellers were up $103 million, +28%, in mark-to-market profits.

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