W - Carvana Beyond Meat and Wayfair jump as shorts get put to the test
2023-06-08 13:33:32 ET
Some of top gainers in the consumer sector in early afternoon trading on Thursday were stocks with a higher than average level of short interest outstanding on them.
Carvana ( NYSE: CVNA ) popped 42.43% after management issued a positive guidance update at an investor conference .
Vroom ( VRM ) gained 18.50% to $1.13 vs the 52-week trading range of $0.73 to $2.76. Short interest on the auto retailer is at 15.08% of total float.
Beyond Meat ( BYND ) jumped 16.45% to $12.53 vs the 52-week trading range of $9.82 to $44.59. Short interest on the plant-based food seller is at 43.19% of total float, which is a higher level than just a week ago.
Wayfair ( W ) rallied 9.45% to $53.96 vs the 52-week trading range of $28.11 to $76.35. Investor interest in Wayfair ( W ) got a boost when both Bank of America and Truist boosted their price targets based on Q1 spending trends. Short interest on the online retailer stands at 29.04% of total float.
Analysts think some short squeeze rallies could be seen this summer as the market hits its lower volume part of the year and dramatic macroeconomic, inflation and FOMC headlines tilt the risk-on, risk-off sentiment almost daily.
More on short idea stocks:
- IonQ: Short Opportunity Is Back
- ZIM: The Value Trap Has Finally Been Exposed
- eBay: A Melting Ice Cube
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Carvana, Beyond Meat and Wayfair jump as shorts get put to the test