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Jefferies Names Possible Hedge Fund Short Targets

January 29, 2021 8:43 AM EST
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Jefferies' equity strategist Steven DeSanctis said while in football targeting will get you ejected, in today's market, some cheer you on.

Amid the ongoing short squeezes in GameStop (NYSE: GME), AMC (NYSE: AMC), Express (NASDAQ: EXPR), and others, the strategist highlighted some others that could be ripe.

DeSanctis highlighted that, just as market veteran Art Cashin points out, short selling is nothing new.

He said looking across the six portfolios they track, they have seen the most-shorted names rise 13.4% this month and they're up 157% from the low. In contrast, the Most Popular Longs by Hedge Funds are off by 4.9%, and the UBER Crowded names have slipped 5.6%. For those names that are owned by Long Only folks but Short by Hedge Funds, these stocks are up 9.6% and 110% from 3/18. This all comes on the back of the S&P 500 being basically flat

DeSanctis comments: "Looking for shorts to trade, we offer a few selections on our menu: The data provided by our friends at MSCI allow us to build portfolios based on Net Short positions, those names that have gone from Long to Short. We also add a sprinkle of liquidity, or lack there of, along with biggest shorts by sector. The Margin Table gives you Net Short that are tougher to trade and could see more volatility, especially over the next several days/ weeks. We also look at names that moved from Long to Short and here are the 20 in our portfolio: AYX, BIIB, CME, DPZ, DUK, EIX, ESPR, FDX, HOLX, IIPR, CME, LHX, NVCR, PFE, PNC, ROK, ROP, URI, WDC, YUMC."



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