Home Stocks Activist Shorts in Week 14 2017

Activist Shorts in Week 14 2017

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In the first week of April three new activist shorts campaigns have been disclosed, pushing the overall number of 2017 short campaigns in MostShorted records above 50. In the following, we review last week’s notable shorts and related events.

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New Notable Shorts

Last week saw three activists, tracked by MostShorted, disclosing their new shorts. Three targeted stocks ended the week lower than prior to the short calls and dropped 8.5% on average.

  • On 4th of April, Citron Research issued a report on FleetCor with a short-term price target of $100 (about 1/3 lower). Citron questioned business practices and fees that company uses.
  • Celadon Group got targeted on 5th of April by Prescience Point. Prescience focused on CGI’s reported tangible book value and has set a price target of $0.00 per share. Celadon experienced the largest % drop (about 18%) of the three targeted companies. This is not the first short report about Celadon in our records. Last July, Jay Yoon published a short report and the stock lost about one third of the value since.
  • During his Grant’s Podcast, titled “Free speech for bears”, Marc Cohodes discussed his short selling approach as well as his on-going shorts. Furthermore, he presented his short case on Stamps.com. Several of his subsequent tweets revolved about Stamps.com, e.g., “STMP is a scheme and I think the Insider Selling is the Frosting on the Cheesecake”.
Activist Shorts

Activist Shorts

Table 1: Week 14 – Short Calls

Activist Shorts Notable Events

Some of the most notable last week’s events related to on-going short campaigns are:

  • Kerrisdale Capital’s 2015 short, Allied Minds, is down about 45% week-on-week after announcing a restructuring. Stock approached Kerrisdale’s price target and is down almost 70% since Kerrisdale’s report.
  • Gotham City Research issued a follow-up on Aurelius, but the stock ended the week rather unchanged. Aurelius remains about 35% down since Gotham’s March report.
  • Plug Power, in recent focus of several short sellers, went up about 50% this week after announcement that Amazon has acquired the right to buy 23% of Plug Power.
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