S3 Research

  • S3 Research

    U.S. Listed H.K.\ China Short Interest

    by Ihor Dusaniwsky

    Short sellers of U.S. listed H.K.\China securities have been riding a roller coaster of price moves recently. The Invesco Golden Dragon China ETF (PGJ) which tracks the NASDAQ index holding U.S. listed Chinese companies is down over -3% today on news of possible Chinese regulatory scrutiny into the “spiritual opium” of the gaming industry. This follows the cancelation of the Ant Group’s IPO last November, the cyber security regulator’s urging Didi Global (DIDI) to delay its IPO, increased regulatory oversight in the e-commerce and internet sectors and increased oversight in the afterschool education sector. The PGJ ETF was down nearly -29% from 6/30 to 7/27 as the Chinese government oversight in these sectors shook the Chinese market, but from 7/27 to 8/2 we saw a +11% rebound and shorts gave back some of their recently earned profits.

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  • S3 Research

    SPAC Short Selling Recap

    by Ihor Dusaniwsky

    We follow 1,138 SPACs (equities and warrants) that have short interest on our Blacklight SaaS Platform and Black App.  We have seen active short selling in the sector as stock prices in the sector have declined by -25% since mid-February. Over the last 30 days the IPOX SPAC Index is down -3.36% and the SPCX ETF is down -0.72%. In response to these declines SPAC short sellers have sold short an additional $29 million of SPAC shares over the last 30 days, bringing total short interest in active SPAC securities to $2.36 billion.

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  • S3 Research

    ETF Short Recap

    by Ihor Dusaniwsky

    There are 2,693 ETFs and Funds with active shares shorted in our Blacklight SaaS platform and Black App with $256 billion of short interest. Average Short Interest % of Float is 20.63% and S3 SI % Float (which includes synthetic longs created by every short sale in the Float number) is 15.42%, while the average stock borrow fee is 0.76%. As a comparison, U.S. equites have an average SI % Float of 5.39%, S3 SI % Float of 4.87% and average stock borrow fee of 0.70%.

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  • S3 Research

    2nd Quarter Short Interest by Sector Recap

    by Ihor Dusaniwsky

    Short interest in the domestic market increased by +$82.1 billion, or +7.31%, to $1.21 trillion in the second quarter of 2021. With the overall market rallying, the majority of this increase, +$68.4 billion, came from mark-to-market appreciation of the shorted securities, but there was also +$13.6 billion of additional short selling in the quarter.

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  • S3 Research

    H.K. – China U.S. Listed Short Interest

    by Ihor Dusaniwsky

    Just days after ride hailing Didi Global Inc’s (DIDI) $4.4 billion U.S. listed IPO China’s State Council that it will implementing more extensive supervision and regulation for cyberspace related securities and ordered DIDI’s app removed from app stores. DIDI is down -21% on the news in mid-afternoon trading and most of the U.S. listed H.K. – China securities are down on the news. The KraneShares CSI China Internet  Fund ETF (KWEB) is down -4.9% in mid-afternoon trading. Short interest in these H.K. – China securities have been decreasing in 2012, dropping -14% as short interest went from $50.6 billion to $43.5 billion and Short Interest % of Float fell from 5.67% to 3.81%.

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  • S3 ResearchUncategorized

    Airbnb Shorts are Checking Out

    by Ihor Dusaniwsky

    Airbnb Inc (ABNB) continues to be a significant short in its sector, ranking fourth in the Hotel, Resorts & Cruise Line Sector but recent short covering activity has reduced its total short interest by $1.3 billion. ABNB short interest is $1.48 billion, 9.69 million shares shorted, 7.01% Short Interest % Float, 6.55% S3 Short Interest % Float, 0.30% stock borrow fee.

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  • S3 Research

    Peloton Shorts Starting to Sweat

    by Ihor Dusaniwsky

    Short sellers in Peloton Interactive Inc (PTON) must feel like they are pedaling through Stage 15 of the Tour de France, climbing 2,221 meters to the peak of Port d’Envalira in Andorra. PTON’s stock price has surged +52% since it hit its low of $82.62 on May 5th and short sellers have given back most of the profits they earned in the first four months of the year. PTON short interest is $2.80 billion, 22.25 million shares shorted, 8.68% Short Interest % Float, 7.99% S3 Short Interest % Float, 0.30% stock borrow fee. PTON is the largest short in the domestic Consumer Durables and Apparel Sector.

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  • S3 Research

    SPCE Shorts Primed for a Squeeze

    by Ihor Dusaniwsky

    Commercial spaceline and aerospace company Virgin Galactic Holdings (SPCE) successfully completed its third flight into space on Saturday and its stock price reflected the achievement and is up +15% in mid-day trading. SPCE has been an active short in 2021 after flights in December 2020 and February 2021 had setbacks. SPCE short interest is $949 million, 45.03 million shares shorted, 27.52% short interest % of float, 21.58% S3 SI % Float (which includes the synthetic longs created by every short sale in the trade float denominator), and a 2.05% stock borrow fee on existing shorts and rising on new stock borrows. SPCE is the seventh largest short in the Aerospace & Defense Sector.

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