That’s hurting short sellers, who borrow shares and sell them, hoping to buy them back at a lower price to profit from the difference.At its May low, Netflix was down 72% for the year as the company faced mounting competition, customers whose finances are getting pinched by rising inflation, the possibility of a global recession and the end of the pandemic-fueled streaming boom.
To be sure, with the stock still down 59% in 2022, shorts that have been bearish since the start of 2022 are still sitting on $2.69 billion in mark-to-market profits, according to Ihor Dusaniwsky, managing director of predictive analytics at S3 Partners. “Netflix shorts have been actively trimming their short exposure after the most recent earnings call — looking for the worst to be over and for this quarter to reflect better earnings and\or user growth,” Dusaniwsky said.
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