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 Fitbit’s 4th quarter results.
Fitbit short sellers are down $57 million in mark-to-market losses today on FIT’s 24% price move, totally wiping out their previous $55 million of year-to-date profits.
Today’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 Fitbit’s stock price due to 4th quarter results meeting and beating analyst’s estimates.
It looks like short sellers are selling into this early morning rally, looking for at least a partial reversal of this morning’s explosive price move.
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Managing Director Predictive Analytics, S3 Partners, LLC
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