Short Sellers Back Off Social Media Stocks
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. Facebook CEO Mark Zuckerberg being pulled in front of Congress to answer questions regarding Cambridge Analytica has raised questions about 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 July 13 short interest data have been compared with the previous report. Short interest in most of these selected social media stocks decreased for this settlement date.
Facebook Inc. (NASDAQ: FB) had its short interest decrease to 24.30 million shares from the previous 25.33 million. Shares were last seen trading at $214.67, within a 52-week range of $149.02 to $216.20.
The number of Twitter Inc. (NYSE: TWTR) shares short decreased to 47.09 million from the previous level of 50.20 million. Shares traded recently at $42.17, in a 52-week trading range of $15.67 to $47.79.
Match Group Inc. (NASDAQ: MTCH) saw its short interest increase ever so slightly to 25.52 million from the previous 25.51 million. Shares were trading at $38.15, in a 52-week range of $18.00 to $48.65.
Weibo Corp.’s (NASDAQ: WB) short interest came in at 7.71 million, compared to the 7.69 million in the prior period. Shares were changing hands at $88.27 and have a 52-week trading range of $71.70 to $142.12.
Short interest in Yelp Inc. (NYSE: YELP) decreased to 5.50 million shares from the previous level of 5.65 million. Shares traded at $38.00. The 52-week range is $29.30 to $48.40.
Snap Inc. (NYSE: SNAP) saw its short interest increase to 112.99 million, compared to the previous level of 110.41. Shares were trading at $13.14, in a 52-week range of $10.50 to $21.22.