We calculate daily short interest and stock borrow financing rates on $186 billion worth of European securities. Of the $186 billion there are $138 billion worth of non-record date affected securities with over $25 million in short interest that is the basis for this research note.
Â Just over a week ago UBER Technologies (UBER) was the largest short in the U.S. Trucking sector but a month of post-IPO lockup short covering has dropped it to the number two short in the sector behind Knight-Swift Transportation (KNX). UBER short interest is still significant, with 29.76 million shares shorted worth $834 million, 3.91% of its float.
GrubHub Inc (GRUB) short sellers were already up +$369 million, +32%, in year-to-date mark-to-market profits before GRUB reported disappointing earnings and a fourth quarter revenue guidance that was well below analystsâ€™ expectations. GRUBâ€™s stock price reacted to a flood of long selling and is down over -40% on the day. Shorts are up over half a $ billion of net-of-financing mark-to-market profits on the price drop.
Yesterday Beyond Meat Inc (BYND) reported 3rd quarter results which beat analystsâ€™ sales and earnings estimates and its stock price jumped +4.5%. Today we are seeing a reversal of fortunes as BYNDâ€™s lockup expiry has triggered a -18% drop in its stock price. Short sellers, who were down over $1 billion in mark-to-market losses when BYND hit its post-IPO high of $234.90/share on July 28th, have recouped more than half of their losses since the end of July. BYND shorts are up +$272 million in mark-to-market profits in October, including +$110 million today.
short int is $560mm; 5.56mm shs shorted; 42.88% of float; 92.32% fee. Shs shorted down -467k shs, -8%, over last 30 days as price fell -34% & down -105k shs, -2%, last week. Shorts down -$528mm in YTD mark-to-market losses but up +$192mm in Oct & up +3.0mm today.
Tesla Incâ€™s (TSLA) stock price rallied over 20% in aftermarket trading yesterday and the rally has carried forward to todayâ€™s open. TSLA is up 16.5% in mid-morning trading and short sellers are, as Elon Musk stated earlier in the year, â€śfeeling the burn.â€ť TSLA short interest is $8.31 billion; 32.62 million shares shorted; 23.13% of its float; 0.58% stock borrow fee. TSLA is the second largest short in the U.S. equity market behind Apple Inc (AAPL) with $10.47 billion of short interest.
Tesla Incâ€™s (TSLA) stock price had been dropping and its shares shorted were increasing for most of the first half of 2019. TSLA short sellers were up +$5.16 billion in mark-to-market net-of financing profits as of June 3rd when TSLA hit its year-to-date low of $178.97/share. In just over six months, TSLA shorts were $128 million shy of recouping their 2016-2018 mark-to-market losses of -$5.29 billion.
After a three-month buildup from May to July, Netflix Inc (NFLX) short sellers have been slowly trimming their exposure to the online media giant with 1.8 million shares covered, -7.48%, since the beginning of August. NFLX is the 6th largest short in the U.S. market and continues to be the largest short in the Movies and Entertainment Sector. NFLX short interest is $6.2 billion; 21.85 million shares shorted; 5.10% of its float and a 0.30% stock borrow fee (general collateral.)
The $847 billion of U.S. equity shorts that we follow were overall profitable this week making $12.96 billion in net-of-financing mark-to-market profits, for a weekly return of +1.64%. Tesla shorts were the most profitable in dollar terms, up $348 million for the week, as production results disappointed the street. SNAP Inc (SNAP) is seeing a pullback from its first half of the year rally, shorts have been building their positions since July and this weekâ€™s profits just pushed year-to-date losses just below the -$1 billion mark.
Beyond Meat (BYND US) once again tops the list of the actively shorted stocks with the highest stock borrow fees at 112.68%, with its rates trending even higher today. BYND shorts are paying just under $3.4 million per day in stock borrow financing fees, the largest daily financing payment for actively traded shorts.