Square Inc (SQ US) is the second largest short in the Data Processing & Outsourced Services Sector and has been a popular short this year. Shares shorted have increased by +2.71 million shares, +$217 million, in 2020 even as its stock price rose by 28.21%. But that short activity occurred in January when shares shorted increased by +3.46 million, +$277 million. In February, shares shorted decreased by -752 thousand shares, -$60 million. Short sellers have been actively trimming their short exposure since February 5th, covering -2.50 million shares, -$201 million as SQ’s stock price rose 2.50%.
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S3 Analytics: Shorts Down $23 Billion as U.S. Indexes Rally Over 3% Over the Last Week
The weeklong rally from last week’s lows has taken a bite out of the $93.7 billion of mark-to-market profits, +11.12%, short sellers have earned since the beginning of October. Over the last week the S&P 500 index increased by 3.31%, the Nasdaq by 4.3% and the Russell 3000 by 3.23%. The S3 Blacklight platform tracks over 8,000 U.S. domestic equity shorts worth over $825 billion, which incurred mark-to-market losses of $23.3 billion, or -2.86%, over the last week.
Shares of payment processing firm, Square Inc. (SQ), hit an intra-day all-time high Thursday of $34.75. After this year’s massive Square Inc. stock rally (up 150.25% YTD), short sellers continue to hold on to their record bearish bets. S3 Partners real-time analytics calculates 32.2 million shares currently short with $1.1 billion dollars at risk. This is an increase of 178% on the shares and 595% of dollars at risk, since the beginning of 2017.