There are few shares shorted, for good reason.
Shares of the Vietnamese EV maker fell 15.9% to $34.71 Thursday while the S&P 500 fell 0.2% and the Nasdaq Composite gained 0.1%. It was the third consecutive decline. Shares are now down about 63% from an intraday high of $93 reached on Monday.
The rapid decline hasn’t been a boon to short sellers, who bet on stock price declines by borrowing shares they don’t own and selling them, hoping to buy them back later at a lower price. With that level of stock sold short, total profits if traders timed things perfectly over the past three days is less than $7 million. “There are just slivers of stock available to borrow,” adds Dusaniwsky. “20,000 to 30,000 shares at a level around the 350% fee range.”
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