Luckin Coffee Short Sellers Make $1.1B In Profits As Shares Continue Plummet [Yahoo! Finance News]
Luckin Coffee Inc. (LK)
Last luckin coffee inc. earnings: 11/13 06:00 am
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Source: Yahoo! Finance News
Luckin Coffee Inc - ADRLKThe stock is now down 89% in the past month, and short sellers have already made more than $1 billion in profits on the stock this year.On Friday, S3 Partners analyst Ihor Dusaniwsky said Luckin short sellers had made $1.14 billion in net-of-financing mark-to-market profits in 2020 as of the end of last week. Luckin has $240 million in short interest, making it the single most heavily shorted Chinese stock based on short percent of float. S3 estimates 37.9% of Luckin’s float is currently held short. The day the company reported the alleged fraud, short sellers pocketed $687 million in profits.Since the outbreak of COVID-19 started getting mainstream attention, Dusaniwsky said Chinese stocks have gotten a lot of attention from short sellers.See Also:Luckin Coffee Crashes After Company Admits COO 'Fabricated Transactions'Other Top Chinese ShortsIn terms of total short interest Ping Insurance Group's Hong Kong shares are the most heavily shorted Chinese stock wit
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