How Short Sellers Were Positioning Ahead of Zuckerberg's Testimony

Social media has taken the world by storm, building virtual communities for anyone who has internet access and allowing people to connect and share across the globe. Many of these sites have changed the world in terms of how we meet people, read the news, get jobs and even date. These companies are on the cutting edge of social trends and are a good beacon to look toward for change.

It’s abundantly clear that these platforms are incredibly influential for both the positive and the negative. We’ve seen the power that “fake news” can have on the public via its dissemination on some of these platforms. Even CEO Mark Zuckerberg being pulled in front of Congress to answer questions regarding the Cambridge Analytica has raised questions of whether these platforms need regulation.

While there might be a lot of philosophical debate over these companies, it doesn’t seem like these social media giants will be going anywhere soon.

The March 29 short interest data have been compared with the previous report. Short interest in most of these selected social media stocks increased for this settlement date.

Facebook Inc. (NASDAQ: FB) had its short interest increase to 29.90 million shares from the previous 26.89 million. Shares were last seen trading at $165.35, within a 52-week range of $138.81 to $195.32.

The number of Twitter Inc. (NYSE: TWTR) shares short decreased to 26.33 million from the previous level of 30.03 million. Shares traded recently at $29.00, in a 52-week trading range of $14.12 to $36.80.

Match Group Inc. (NASDAQ: MTCH) saw its short interest rise to 29.16 million from the previous 28.45 million. Shares were trading at $44.55, in a 52-week range of $16.57 to $47.10.

Weibo Corp.’s (NASDAQ: WB) short interest came in at 5.17 million, compared to the 4.64 million in the prior period. Shares were changing hands at $123.60, within a 52-week trading range of $49.77 to $142.12.

Short interest in Yelp Inc. (NYSE: YELP) decreased to 6.96 million shares. The previous reading was 7.65 million. Shares traded at $43.65, in a 52-week range of $26.93 to $48.40.

Snap Inc. (NYSE: SNAP) saw its short interest increase to 87.36 million, compared to the previous level of 86.96 million. Shares were trading at $14.80, in a 52-week range of $11.28 to $23.57.