Don’t blame shorts sellers for the declining stock price in GrubHub (GRUB US).
Short interest is currently estimated at $331 million in exposure, a level that hasn’t been touched since the summer of 2015. In fact, short interest is down 60% since hitting an all-time high of $824 million in short exposure back in July of 2016. It would have cost as much as 300 basis points on an annual basis to carry this short then, but now, new borrows are trading at the lowest carry cost since its IPO back in 2014, at general collateral/cheapest rates.