We have a feeling that ever since Whitney Tilson said he loves LOV (an online dating), everybody else just remembered (again) that they did not love it so much. If you did not figure it out, Tilson disclosed a long position in Spark Networks Inc (NYSEMKT:LOV), not so long ago. In UK, Cupid PLC (LON:CUP) happens to be the same thing as Spark Networks, both have personals websites that help in matchmaking.
Cupid PLC Still Target Of Shortsellers
Moving to the not loving online dating part, a couple of months ago hedge funds reaped high percentage of profits from betting against Cupid PLC (LON:CUP) when it crashed hard in March. Even now when 66 percent of the market value has gone up in smoke, hedge funds still seem to think there is even more that can be juiced from shorts. And they don’t seem off the mark, Cupid fell another 5.6 percent today.
Tremblant Capital declared a 0.62 percent short position in CUP’s shares today whereas Ennismore Fund Management raised its short to 3.2 percent on May 29. Ennismore European Smaller Companies Fund (AUM $310 million) is up 7 percent for the year till May 16.
SAC Capital meanwhile has been increasing short in Electrocomponents plc (LON:ECM), which is now 0.97 percent of the company’s shares. The stock dipped significantly in April but is back up again.
In other short disclosures from UK, WPP plc (LON:WPP) was covered by both D.E Shaw and Susquehanna International Holdings in this week. WPP plc (LON:WPP) is a communications provider that also offers advertising and branding solutions. WPP plc (LON:WPP) has a market cap of GBP 14.3 billion and is up 23 percent YTD.
Unsurprisingly every body is covering their short positions in Ocado Group PLC (LON:OCDO)) after it dramatically rose +40 percent and shook all the shortsellers. Blue Ridge Capital, Dalton Strategic and Kynikos Associates have all been reducing their positions. Whether hedge funds will hate or love the returns of this company remains to be seen.