MagicJack CEO Has Work Cut Out With Bear Bets at Record
This article is for subscribers only.
MagicJack VocalTec Ltd. Chief Executive Officer Gerald Vento still needs to convince investors that the Israeli technology company is more than just a short-term trade.
The voice-over-Internet technology company fell 20 percent in the past month while short sellers pushed bets on declines to a record 19 percent of shares outstanding on May 1, up from 10 percent at the end of March. The change in sentiment is a reversal from the first three months of the year when MagicJack rallied 78 percent for the biggest advance on the Bloomberg index of the largest New York-traded Israeli companies.