Why Short Sellers Are Exiting the 3D Printing Sector

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Short interest in three of the four 3D printing companies we follow fell in the past two-week period. It is no big secret that the sector has lost most of the positive momentum it had last year as the printer makers struggle to post profits and boost sales. No one is sure where the bottom is, but short sellers are unwilling to bet that it is much lower. The following information is based on data reported for the period ended May 30, 2014.

Short interest in 3D Systems Corp. (NYSE: DDD) fell 5.6% to 31.46 million shares. Some 30.2% of the company’s stock is short. Days to cover is six. In the two-week short interest period to May 30, the share price rose 2.7%, but it is down nearly 48% for the year to date as of Tuesday’s close at $49.28. The stock’s 52-week range is $41.05 to $97.28.

Stratasys Ltd. (NASDAQ: SSYS) saw short interest rise 16.3% in the final two weeks of May to 5.84 million shares, or about 13.8% of the company’s float. Days to cover is five. Shares gained about 3% in the two-week period but have given about half that back since. Shares closed up about 1.6% Tuesday night at $91.39, a drop of nearly 32% for the year to date. The stock’s 52-week range is $77.79 to $138.10.

Short interest in The ExOne Co. (NASDAQ: XONE) fell 6.1% to 3.37 million shares. About 33.9% of the company’s shares are now held short. Shares of ExOne rose 35% in the two-week period and closed at $27.29 Tuesday night, down about 55% year to date. The stock’s 52-week range is $24.34 to $78.80, and days to cover is seven. In the two-week period to May 30, ExOne’s shares lost 3.75%.

Voxeljet A.G. (NYSE: VJET) saw short interest fall 5.7% to 1.58 million shares, with a days to cover number of four. Since coming public at $19 in mid-October, the share price is down nearly 53%. Year to date, shares are down nearly 69%, but they rose about 1.5% in the two-week period to May 30. The stock closed at $13.68 Tuesday, in a post-IPO range of $12.85 to $70.00.

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