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.
Weâ€™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 IPOâ€™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.