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Stocks

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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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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S3 Analytics: BYND Shorts Still Dodging Short Squeeze

Beyond Meat Inc’s (BYND) stock price soared to $201.88 at the open, a +19% move, after being up 12% on Monday. BYND short sellers took a $100 million mark-to-market hit to their P\L yesterday and were down an additional $173 million in mark-to-market losses at the open. At the open, short sellers were down $739 million in mark-to-market losses since BYND’s IPO. BYND’s stock price could not hold their early morning gains and is now up just under $1 for the day. Shorts are now down only $4 million in daily mark-to-market losses, down a total of $570 million in mark-to-market losses since the IPO.

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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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S3 Analytics: BYND Shorts Are Getting Roasted

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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S3 Analytics: GOOS Shorts up over $100 million on Revenue Miss

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 analysts’ expectations.

GOOS short interest is $406 million; 8.29 million shares; 14.13% of float; 0.87% stock borrow fee.

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S3 Analytics: Beyond Meat Leaving a Bad Taste for Short Sellers

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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S3 Analytics: TSLA Shorts up $1.07 billion in May Mark-To-Market Profits

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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