Hedge funds show Moonpig a red card: Five companies including GLG Partners, BennBridge and JPMorgan Asset Management stalk the online retailer
Hedge funds have racked up record bets against card vendor Moonpig.
Shares of the online retailer have already more than halved this year as customers tighten the purse strings.
Today nearly 4% of its shares are on loan to short sellers, who make money if the shares fall, suggesting they don’t think Moonpig will have a good Christmas.
Struggle: Moonpig shares have already more than halved this year as customers tighten purse strings
Five companies, including GLG Partners, BennBridge and JPMorgan Asset Management, are tracking the company.
Moonpig was valued at £1.2 billion when it was introduced in London in February 2021.
But the online spending lockdown boom has dissipated and he is now worth £576million.
Victoria Scholar, at Interactive Investor, said she was forced to refocus on her “bread and butter” greeting cards as it became harder to sell plushies and other higher-margin products.
