Beyond Meat Inc. shares closed at their highest price yet as short sellers felt the burn to the tune of half a billion dollars.
The shares rose 12% to $169.96 on Monday, extending a rally that has added almost 600% to the stock price since its initial public offering last month. That has cost short sellers $560 million in mark-to-market losses since the IPO, including $97.5 million in this session alone, said Ihor Dusaniwsky, managing director of predictive analytics at financial analytics firm S3 Partners. Bearish bets in the faux meat company are at $799 million with 5.3 million shares shorted, according to S3 data.
