Tiffany & Co (TIF US) short interest is $583.15 million, with 5.56 million shares shorted, for 4.73% of float. TIF is the third largest short in the Specialty Stores Retail sector behind Ulta Beauty Inc (ULTA US) $855 million and Dick’s Sporting goods (DKS US) $640 million.
TIF had the largest increase in short interest in the sector over the last month (+$129 million +28.4%) and week (+$31 million +5.6%).
TIF shares shorted are up 1 million shares in November, +21.94%, with short sellers increasing their positions as TIF’s stock price declined.
We continue to see short selling, with over 300k of additional short selling so far today.
With shorts up $62 million in mark-to-market profits on today’s 9% price drop we should see a continuation of the short selling trend that took a breather right before Tiffany’s earnings release. TIF shorts were down -$100 million in mark-to-market losses, -23.05%, in the 1st, 2nd and 3rd quarters and have had a reversal of fortune in the 4th quarter being up +$163 million with today’s price move. Shorts are now up $63 million in mark-to-market profits, +13.96%, on the year.
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Managing Director Predictive Analytics, S3 Partners, LLC
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