Sainsbury’s short-selling rises despite GameStop phenomenon
There has been an uptick in shorting of grocer Sainsbury’s and shopping centre operator Hammerson’s shares in the past week, despite the targeting of hedge funds in the US by private investors organising on Reddit.
Both companies are in the top 10 list of the most shorted companies in the UK, as some hedge funds bet against their future success.
Sainsbury’s has 7.73% of its shares in the hands of short-sellers, up from 6.92%, according to the Financial Conduct Authority’s (FCA) daily short positions update, while 7% of Hammerson’s shares are shorted compared with 6.32% last week.
Developments in the US, where retailer GameStop’s shares soared as the Reddit group bought in, do not seem to have worried short-sellers of the two UK companies.
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