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S3 Research

  • S3 ResearchTesla

    NKLA & TSLA – EV Short Squeezes

    by Ihor Dusaniwsky

    Tesla continues to be the largest equity short in the domestic market with $19.2 billion of short interest. TSLA recently hit a short interest level of $19.95 billion and is poised to be the first stock to hot the $20 billion short interest threshold. NKLA short interest is $390 million, the fourth largest short in the Construction machinery & Heavy Truck Sector. Both Nikola Corp (NKLA) and Tesla Inc (TSLA) are continued short squeeze candidates for different reasons.

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  • S3 Research

    Wirecard Shorts up $2.2 Billion in MTM Profits

    by Ihor Dusaniwsky

    German internet payments and processing services company Wirecard AG (WDI GR) is delaying the issuance of its 2019 annual report again as it cannot substantiate 1.9 billion euros in cash balances. This may turn into a terminal liquidity issue and cause the cessation of 2 billion euros worth of loans and threaten the continuation of its Visa and MasterCard licenses. WDI GR is down -70% on the news today.

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  • S3 Research

    Stock Loan Pumps the Brakes on Hertz Shorts

    by Ihor Dusaniwsky

    Hertz Global Holdings Inc (HTZ) declared bankruptcy on May 22nd and its stock price fell to $0.555/share, down -82%, in just two days. The stock has since rebounded to close at $1.88/share today, up +239%. HTZ has been an active short since mid-February and after a recent surge in short covering at the end of May, we have seen short sellers once again build up their exposure.

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  • S3 Research

    Nikola Shorts Running Out of Gas

    by Ihor Dusaniwsky

    Electric\fuel cell truck manufacturer Nikola Corp (NKLA) went public after a reverse merger with special purpose acquisition corporation (SPAC)  VectorIQ. NKLA’s stock price rose to its June high of $79.73, +188%, after the merger and has since given back -22% to $62.14 in morning trading. NKLA’s market cap has skyrocketed to just below Ford’s (F) even though the company will have no revenues in 2020 ($1 billion projected in 2023) versus Ford with $115 billion of revenues in 2020. Nikola outsources its production to CNH Industrial (CNHI) and is producing heavy duty semi-trucks, the Nikola One and Two, and expecting to begin delivery of the Nikola Tre in 2023 with pre-orders already topping $10 billion. Nikola’s zero emissions pickup truck, the Badger, will begin to take reservations in late June.

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  • S3 ResearchUncategorized

    Zoom Shorting into Rally & Earnings

    by Ihor Dusaniwsky

    Zoom Video Communications (ZM) is the third largest short in the Application Software Sector behind Salesforce.com (CRM) and Trade Desk (TTD) with active short selling ahead of its earnings results and a 206% rally in 2020. We follow 341 stocks in the Application Software Sector with $45.5 billion of total short interest. ZM short interest is $2.24 billion with 9.15% of its float shorted.

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  • S3 Research

    Casino\Gaming Shorts Starting to Cash in Their Chips

    by Ihor Dusaniwsky

    Casino & Gaming short sellers were down -$155 million, -2.75%, in mark-to-market losses yesterday led by DraftKings Inc (DKNG) -$45 million loss, -9.35%, in anticipation of professional sports returning to action and providing more sports betting opportunities for the online gaming and betting platform. We follow 61 stocks in the Casino & Gaming Sector with $6.16 billion of short interest, 95% of short interest is concentrated in the top ten most shorted securities in the sector.

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  • S3 Research

    GSX Techedu Shorts up $246 million in May

    by Ihor Dusaniwsky

    Grizzly Research, Citron Research and Muddy Waters claim China based after school tutoring platform GSX Techedu Inc (GSX) are overstating revenues while founder and chairman Larry Chen  has refuted these allegations and stated that “they don’t understand the business model”. Short sellers have been actively increasing their exposure to GSX, with shares shorted increasing by 124% since the end of March. GSX short interest is now $815 million, 27.30 million shares shorted, 21.21% of its float and a stock borrow fee of 4.05%.

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  • ETFsS3 Research

    Don’t Expect a Market Wide Short Squeeze

    by Ihor Dusaniwsky

    The U.S. market has rallied over the last month with the S&P 500 up +5.6%, the Nasdaq up +9.8%  and the Russell 3000 up +6.7%. Total domestic equity short interest has fallen in response to this broad rally by -$10.27 billion. But has this been a short squeeze, or just the normal ebb and flow of short selling and reallocation that we normally see in the market?

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  • ETFsS3 Research

    S3 Analytics: ETF Short Selling Recap

    by Ihor Dusaniwsky

    Our Black App and Blacklight SaaS Platform follows almost three thousand domestically traded ETFs with short interest activity with a total short interest of $168.2 billion. The Average Short Interest % Float of these securities is 24.61% with an average stock borrow fee of 0.63%. While over the last 30 days we have seen a total of $6.80 billion in short covering, over the last week we have seen short sellers increasing their short ETF positions by $510 million.

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  • CannabisS3 Research

    Cannabis Shorts Down $641 million in May

    by Ihor Dusaniwsky

    Total short interest in the 230 U.S. and Canadian cannabis stocks in our portfolio is $2.80 billion. The top twenty  most shorted stocks in the sector is $2.66 billion, 95% of the total. Short selling continues to be concentrated in just a handful of names which have the trading and stock borrow liquidity to support active and sizable short side activity. Today’s almost +12% rally in the cannabis sector has generated -$311 million in mark-to-market losses, bringing month-to-date losses to -$641 million. May’s losses have eaten away over three-quarters of short sellers’ year-to-date profits, they are up only +$180 million in the top twenty most shorted stocks in the sector.

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