Investors Hoping to Short Tilray Find ‘Cupboards Are Bare’

S3 Partners :欲借贷做空Tilray的投资者并无办法借贷做空该公司

2019-03-13 08:50:00 Bloomberg

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-- Investors hoping to short Tilray Inc. may be out of luck as there are hardly any shares available to borrow, according to financial analytics firm S3 Partners. The pot stock’s short interest currently stands at $265 million or nearly 20 percent of the company’s float and investors looking to borrow the stock are finding “the cupboards are bare,” S3 managing director Ihor Dusaniwsky wrote in an analysis. This is leading to stock borrow fees as high as 110 percent on the new “miniscule” short sales that are being approved. Tilray’s short interest increased steadily in the fourth quarter of 2018 to a high of 3.86 million shares, then declined somewhat in January. Since then, short sellers have been “sitting on their hands,” S3 said. The stock is little changed in 2019, down 0.8 percent since the beginning of the year through Monday’s close. It full a further 1.3 percent in early trading Tuesday. “With recalls hitting the street and stock borrow rates rising, we should see the shorts with less conviction shaken out of their Tilray short trades.” That means shorts “will not be a factor in Tilray’s stock price for the foreseeable future unless new lendable long inventory hits the stock loan market,” Dusaniwsky wrote.
金融分析公司 S3 Partners 的数据显示,希望做空 Tilray Inc .的投资者可能会走投无路,因为几乎没有任何可供借贷的股票。 S3董事总经理 Ihor Dusaniwsky 在一份分析报告中写道,该股目前的短期利息为2.65亿美元,占该公司流通股总数的近20%,希望借入该股的投资者发现“董事会是裸露的”。这导致股票借贷费用高达110%,新的“极小”卖空正在被批准。 Tilray 的短期利率在2018年第四季度稳步上升,至386万股的高点,然后在1月份有所下降。S3表示,自那以来,卖空者一直“坐在手中”。股票在2019年几乎没有变化,从年初到周一收盘下跌了0.8%。周二早盘,该股进一步上涨1.3%. “随着市场上的召回事件和股票借贷利率上升,我们应该看到,对 Tilray 做空交易的信心下降。”Dusaniwsky 写道,这意味着卖空交易“不会成为 Tilray 股价在可预见的未来的一个因素,除非新的可借长期库存冲击股票贷款市场。”

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