Hedge funds have made a record bet on card seller Moonpig.
Shares of the online retailer have more than halved this year as customers tighten their wallets.
Nearly 4% of its stock is now loaned to short sellers, who stand to make money if the stock dips — suggesting they don't think Moonpig will have a good Christmas.
Struggling: Moonpig shares have halved this year as customers tighten wallets
Five firms, Including Glg Partners, BennBridge and Jpmorgan Asset Management, are tracking the company.
Moonpig was valued at £1.2bn when it listed in London in February 2021.
But the lockdown boom in online spending has subsided and is now worth £576m.
Interactive Investor's Victoria Scholar said it had been forced to refocus on “bread and butter” greeting cards as it became increasingly difficult to sell plush toys and other higher-margin products.
