LOV ASX: Lovisa short sellers squeezed as stock rallies to all-time high (copyright link)Short sellers are under pressure after better-than-expected results from discount jewellery retailer Lovisa Holdings sent the stock soaring to all-time highs this morning.
The retail chain, which is backed by billionaire Brett Blundy, posted sales growth of 18.2 per cent to $373 million in the first half, underpinned by growth in its global store network, topping market expectations. Lovisa posted a 12 per cent rise in net profit to $53.5 million in the 26-week to the end of December.
Shares rallied 10 per cent following the result, pushing the stock above $27 apiece for the first time since listing in 2014.
The share rally arrives after sort sellers piled into the stock at the highest level in almost four years ahead of the results. Hedge funds betting against the stock make up about 4 per cent of the share float, the most since 2020, when short positions topped 7 per cent amid sweeping pandemic-induced store closures and a global retail slump.
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Last
$32.65 |
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-0.250(0.76%) |
Mkt cap ! $3.581B |
Open | High | Low | Value | Volume |
$32.61 | $32.87 | $32.52 | $3.063M | 93.79K |
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No. | Vol. | Price($) |
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1 | 419 | $32.64 |
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$32.82 | 1191 | 1 |
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1 | 359 | 32.610 |
2 | 530 | 32.600 |
1 | 447 | 32.570 |
1 | 447 | 32.530 |
2 | 1420 | 32.520 |
Price($) | Vol. | No. |
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32.820 | 1191 | 1 |
32.840 | 530 | 4 |
32.860 | 949 | 2 |
32.900 | 467 | 2 |
32.940 | 447 | 1 |
Last trade - 16.10pm 28/05/2024 (20 minute delay) ? |
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Last
$32.66 |
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Change
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Open | High | Low | Volume | ||
$32.72 | $32.86 | $32.52 | 16385 | ||
Last updated 15.59pm 28/05/2024 ? |
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