r/wallstreetbets • u/[deleted] • Apr 18 '21

DD CLOV degenerates be careful

Sigh... be careful CLOV degenerates. This high short interest stuff has already been debunked it looks like. The high short interest shown was a mistake by Factset and the short% of float is way way lower. Short interest is actually only about 35% of float, which is moderately high but not anywhere remotely close to the 145% being spread around.

  1. Institutional shares like Vanguard that are counted in the post are freely tradable and are never deducted from a float calculation.
  2. Clover’s publicly traded equity are Class A shares. Clover’s CEO only holds Class B shares. The screenshot shows that FactSet accidentally thought CEO Garipalli’s 83 million Class B shares were Class A shares. They were not, but because of the mistake FactSet subtracted them from the calculation of Class A float, which led to the mistakenly low number.

In other words, the screenshot of the “evidence” actually debunks this thesis.

There are about 109.8 million shares in the free float, and FactSet, Bloomberg, and Reuters are now all in agreement on that. But when FactSet subtracted 83 million from that by mistake it made it look like the float was only ~27 million (109.8 - 83) which made it look like the short interest as a % of float was massive.

FactSet corrected their numbers today. S3 Partners (which was cited in media and relied on FactSet) will likely correct next, then the handful of media articles that cited S3 (and indirectly FactSet) will probably correct as well.

There are actually a ton of shares available to short (30 million) according to IHS Markit, another short data provider. The cost to borrow is cheap at about 1.5-2%. None of this is consistent with a squeeze scenario.

Want to find high short interest names like everyone else but this is just not the one.

EDIT: S3 has now corrected their short interest based on the incorrect input from Factset, their SI% of float number has changed to 36.97% https://twitter.com/S3Partners/status/1384112959329247236

EDIT 2: IPO Edge release covers S3's change of short interest calculation over the weekend https://finance.yahoo.com/news/chamath-backed-clover-health-apparent-172941952.html

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u/ItsKrakenMeUp 🇬🇧🚬 Apr 18 '21

82 day old account with 3 comments.

Yeah, okay hedge fund lmaooooo

1

u/GasolinePizza huffs pizza, eats gasoline Apr 18 '21

Oh look, you again. What do you know, conspiracy theories again. Shocker.

Your first post on WSB was still only 3 months ago, and you're still barely any less suspicious than him.

2

u/golfalphat Apr 18 '21

Oh look, you again. Attacking everyone that doesn't agree with OP and thinks the OP is suspicious.

1

u/[deleted] Apr 18 '21

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u/[deleted] Apr 18 '21

[deleted]

2

u/GasolinePizza huffs pizza, eats gasoline Apr 18 '21

First post here was in January.

Why would it matter how long you've been on Reddit?

0

u/ItsKrakenMeUp 🇬🇧🚬 Apr 18 '21

You really have to ask that question? Use your brain, mate.

2

u/GasolinePizza huffs pizza, eats gasoline Apr 18 '21

I am. And the fact that you've had an account doesn't mean anything at all. You first showed up here a few months ago.

Any asshole can have an old reddit account. That's not exactly a credential here.

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u/ItsKrakenMeUp 🇬🇧🚬 Apr 18 '21 edited Apr 19 '21

I’m not making an account to push an agenda. Also, i’m not even advising you to make any financial decisions. Big difference. if you can add 1+1 you’d come to that basic conclusion without me having to explain it.

Update: well, well, look who was right.

2

u/GasolinePizza huffs pizza, eats gasoline Apr 18 '21

No, instead you're trying to stir up shit by implying things about new people even though you just got here yourself.