Short Seller Interest in Sweden’s Fortnox Surges After CEO Exit
- Shares out on loan have almost doubled since CEO resignation
- Fortnox shares have only buy and sell ratings, with no holds
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Short sellers are zeroing in on Swedish accounting software company Fortnox AB after the sudden resignation of the chief executive who oversaw a huge rally in its shares.
The percentage of Fortnox shares out on loan — a common indicator of short interest — has almost doubled since Aug. 13, when the departure of CEO Tommy Eklund was announced. As of Wednesday, shares out on loan represented about 8.7% of Fortnox’s free float, data from S&P Global Market Intelligence show.