(Bloomberg) -- Beyond Meat Inc. short sellers are sitting out the celebration over the faux meat maker's first earnings report as a public company, which sent its shares up as much as 36%.
“Shorts are down $155m mark-to-market on today's move,” Ihor Dusaniwsky, head of research for financial analytics firm S3 Partners told Bloomberg News in a message. “Today's move brings year-to-date losses in the name to $321m or 72%.”
Almost 5.9 million shares of Beyond Meat are held by short sellers, or 51.3% of the float, representing $583 million, according to the S3 data.
“There is virtually no lendable stock left to borrow,” Dusaniwsky wrote. “We have seen new slivers of borrows going for 325% to 650% fees and rates will stay high until some of the shorts get squeezed out of their positions and supply is replenished with their stock loan returns.”
To contact the reporter on this story: Gregory Calderone in New York at gcalderone7@bloomberg.net
To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Dave Liedtka, Morwenna Coniam
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