SINGAPORE (BLOOMBERG) - It gets far less attention than Tesla, the FAANGs or even the Robinhood flavor of the week.. Read more at straitstimes.com.
SINGAPORE - It gets far less attention than Tesla, the FAANGs or even the Robinhood flavor of the week.
Short sellers who placed record wagers against the stock in June are retreating at an unprecedented pace. After a rocky first year of trading, Sea's stock has gone on to trounce everything in its class. Initially, the gains were fuelled by the runaway success of Sea's first self-made mobile game - a battle royale called Free Fire that has attracted as many as 80 million daily active users in more than 130 markets.
Kora began investing in Sea in early 2018 after meeting with Mr Li, said Daniel Jacobs, the hedge fund's founding partner, in an interview."We've seen over the last two years a company that's got a great team and great products going after a big market and just executing incredibly well," he said."We think this is a mini Tencent and has the ability to be a really successful, large company in a global context.
While short sellers have closed out bets against Sea at a rapid clip in recent weeks, they still have a bearish position worth more than US$3 billion, or about 8 per cent of the stock's free float, according to S3 Partners, a financial analytics firm."Mark-to-market losses may have forced shorts out of their position," said Ihor Dusaniwsky, head of predictive analytics at S3."But they may still have a negative outlook.
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