Fitbit short interest is at $221.14 million, with 46.75 million shares shorted, for 22.20% of the float.
Fitbit shares shorted has increased by 5.2 million shares in October, representing a 12.54% increase, and shares shorted increased by 2.04 million shares over the last week, a 4.56% increase. Short sellers had pessimistic expectations about Fitbitâ€™s 4th quarter results.
Fitbit short sellers are down $57 million in mark-to-market losses today on FITâ€™s 24% price move, totally wiping out their previous $55 million of year-to-date profits.
Todayâ€™s price action is not due to a short squeeze, we are actually seeing additional short selling hitting the tape this morning and not short covering. The price move is solely due to long shareholders bidding up Fitbitâ€™s stock price due to 4th quarter results meeting and beating analystâ€™s estimates.
It looks like short sellers are selling into this early morning rally, looking for at least a partial reversal of this morningâ€™s explosive price move.
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Managing Director Predictive Analytics, S3 Partners, LLC
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