By
Esha DeyJune 10, 2019
Beyond Meat Inc. shares continued to soar on Monday, after the faux meat-maker’s first earnings
report as a public company wowed analysts and investors, prompting a nearly 40% jump in the stock price on Friday.
Shares of the company, which started trading on May 1, gained as much as 34% on Monday, touching a record high of $186.43. The shares are now up a staggering 646% from the initial public offering price of $25.
Markets
Beyond Meat Short-Sellers Take a $155 Million Beating in RallyBy
Gregory CalderoneJune 7, 2019, 9:15 AM PDT
Investors Like What They See in Beyond Meat's First Public Earnings Report
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ShareTweetPostEmailBeyond Meat Inc. short sellers are sitting out the celebration over the faux meat maker’s first
earnings report as a public company, which sent its shares up as much as 36%.
“Shorts are down $155m mark-to-market on today’s move,” Ihor Dusaniwsky, head of research for financial analytics firm S3 Partners told Bloomberg News in a message. “Today’s move brings year-to-date losses in the name to $321m or 72%.”
Almost 5.9 million shares of Beyond Meat are held by short sellers, or 51.3% of the float, representing $583 million, according to the S3 data.
“There is virtually no lendable stock left to borrow,” Dusaniwsky wrote. “We have seen new slivers of borrows going for 325% to 650% fees and rates will stay high until some of the shorts get squeezed out of their positions and supply is replenished with their stock loan returns.”
Link:
https://www.bloomberg.com/news/articles/2019-06-10/beyond-meat-surges-87-in-two-days-in-earnings-fueled-frenzy