GrubHub and Uber, the most profitable shorts of 2019
According to data from S3 Partners, which is a financial analytics firm, GrubHub and Uber are the most lucrative short bets so far in 2019.
The giant in the automobile industry, Tesla, used to be the most profitable short bet up until GrubHub and Uber dethroned it lately.
According to Bloomberg, Tesla took the top spot in August, and GrubHub and Uber ascended to the top as the most profitable at the end of October, according to S3 Partners.
As of mid-November, GrubHub short-sellers and Uber had mark-to-market gains of around $810 million and $660 million respectively.
Although the third-quarter earnings of GrubHub were catastrophic which sent their stocks plunging about 42%, the company succeeded in rising to the top of the profitable short bets list. Within that day itself, GrubHub short sellers generated as much as $504 million when the stock fell.
Uber marked their IPO in May and since then, their stocks have been trending. Although the Uber stock price increased a bit in October, the company was able to get hold of the second-place spot on Tesla’s sudden rise late in the month, according to CNBC.