In this article, we discuss the 5 most shorted stocks right now. If you want to read about some more shorted stocks, go directly to 15 Most Shorted Stocks Right Now.
5. Nikola Corporation (NASDAQ:NKLA)
Number of Hedge Fund Holders: 13
Short Interest as of November 15: 30.85%
Nikola Corporation (NASDAQ:NKLA) develops energy and transportation solutions. It is one of the most shorted stocks right now. Supply chain problems have hit the company hard in the past few months, with reports indicating that the executives who managed the supply chain department at Nikola Corporation (NASDAQ:NKLA) have left. However, the firm has dismissed these reports.
Among the hedge funds being tracked by Insider Monkey, San Francisco-based firm Inclusive Capital is a leading shareholder in Nikola Corporation (NASDAQ:NKLA) with 7.4 million shares worth more than $35 million.
4. Tattooed Chef, Inc. (NASDAQ:TTCF)
Number of Hedge Fund Holders: 5
Short Interest as of November 15: 32.38%
Tattooed Chef, Inc. (NASDAQ:TTCF) makes and sells plant-based foods. It is one of the most shorted stocks right now. The firm runs over 14,000 retail outlets across the United States. S0me of the products it sells include ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, cauliflower crust pizza, and plant-based burgers.
At the end of the second quarter of 2022, 5 hedge funds in the database of Insider Monkey held stakes worth $1 million in Tattooed Chef, Inc. (NASDAQ: TTCF), compared to 3 in the preceding quarter worth $1.4 million.
3. World Wrestling Entertainment, Inc. (NYSE:WWE)
Number of Hedge Fund Holders: 27
Short Interest as of November 15: 20.00%
World Wrestling Entertainment, Inc. (NYSE:WWE) is an integrated media and entertainment company that engages in the sports entertainment business in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It is one of the most shorted stocks right now. On November 1, World Wrestling Entertainment announced that Alexa bliss and Asuka, recent Women’s Tag Team Champions, will defend their titles in a rematch against former championship holders at the Crown jewel event.
On October 19, MKM Partners analyst Eric Handler maintained a Buy rating on World Wrestling Entertainment, Inc. (NYSE:WWE) stock and raised the price target to $90 from $84, noting that the company’s business model has proven extremely resilient in a challenging economic environment, and multiple events over the next several years should enhance WWE ‘s growth profile.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in World Wrestling Entertainment, Inc. (NYSE:WWE) with 80.9 million shares worth more than $205.5 million.
In its Q1 2022 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and World Wrestling Entertainment, Inc. (NYSE:WWE) was one of them. Here is what the fund said:
“We also sold World Wrestling Entertainment as we believe the shares reflected full value after finally signing a U.S. content distribution agreement.”
2. Upstart Holdings, Inc. (NASDAQ:UPST)
Number of Hedge Fund Holders: 15
Short Interest as of November 15: 35.18%
Upstart Holdings, Inc. (NASDAQ:UPST) owns and runs a cloud-based lending platform. It is one of the most shorted stocks right now. The company posted earnings for the second quarter of 2022 on August 8, reporting earnings per share of $0.01, missing market estimates by $0.07. The revenue over the period was $228 million, up more than 17% compared to the revenue over the same period last year and missing market estimates by $7 million.
At the end of the second quarter of 2022, 15 hedge funds in the database of Insider Monkey held stakes worth $115 million in Upstart Holdings, Inc. (NASDAQ:UPST), compared to 25 in the preceding quarter worth $100 million.
In its Q1 2022 investor letter, Vulcan Value Partners, an asset management firm, highlighted a few stocks and Upstart Holdings, Inc. (NASDAQ:UPST) was one of them. Here is what the fund said:
“Upstart Holdings, Inc. (NASDAQ:UPST) is an artificial intelligence (AI) and cloud-based lending platform. Upstart’s stock price has been very volatile, but its value has grown steadily. Last year, the company grew its revenue by over 250% organically, which materially exceeded our expectations. In addition, the company continues to generate robust free cash flow and is launching new products to expand its business. Upstart’s value has increased consistently since we first purchased it. Following our discipline, we have added to our position when its stock price has declined and its price to value ratio has improved, and we have reduced our stake when its stock price has risen faster than its value.”
1. Carvana Co. (NYSE:CVNA)
Number of Hedge Fund Holders: 47
Short Interest as of November 15: 43.50%
Carvana Co. (NYSE:CVNA) operates an e-commerce platform for buying and selling used cars in the United States. It is one of the most shorted stocks right now. On October 11, Carvana revealed that it has made its vehicle financing qualification process even easier by offering Wilmington, Delaware, residents the ability to add a co-signer to buy the vehicle they love. Customers may unlock more attractive financing offers including lower interest and lower down payments.
On November 1, Cowen analyst John Blackledge maintained an Outperform rating on Carvana Co. (NYSE:CVNA) stock and lowered the price target to $60 from $95, noting that the company continues to face worsening industry headwinds as the vehicle prices and interest rates remain elevated.
Among the hedge funds being tracked by Insider Monkey, Beijing-based investment firm CAS Investment Partners is a leading shareholder in Carvana Co. (NYSE:CVNA) with 6.7 million shares worth more than $151.9 million.
You can also take a peek at 12 Best Blue Chip Stocks To Buy Today and 10 Best Auto Stocks To Buy Now.
