{"id":20555,"date":"2023-09-19T14:33:24","date_gmt":"2023-09-19T14:33:24","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/arm-shares-eye-third-straight-day-of-losses-as-post-ipo-buzz-fizzles\/"},"modified":"2023-09-19T14:33:25","modified_gmt":"2023-09-19T14:33:25","slug":"arm-shares-eye-third-straight-day-of-losses-as-post-ipo-buzz-fizzles","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=20555","title":{"rendered":"Arm shares eye third straight day of losses as post-IPO buzz fizzles"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS\/Dado Ruvic\/Illustration\/File Photo<\/span>
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(Reuters) – Shares in Arm <\/span><\/span> Holdings (NASDAQ:) were down 6.1% on Tuesday, on track for their third decline out of the stock’s first four sessions as a listed company as investor interest faded in the biggest initial public offering for the year so far.<\/p>\n

With short sellers looking to profit from the stock, it last traded at $54.46 after touching a high of $69 on Friday. The company, in which Softbank (OTC:) holds a roughly 90% stake, closed at $63.59 on Thursday, which was almost 25% higher than its IPO price of $51. <\/p>\n

Data from analytics company Ortex on Tuesday suggested that short sellers had started taking bets against the stock with slightly more than 5 million shares of the newly listed chip designer “on loan,” or 2.7% of the stock’s free float. Short sellers need to borrow a stock to short it, and the relationship between shares on loan and shorted is normally quite close, according to Ortex. <\/p>\n

Initially with a new stock “there is often a lot of data missing, so there is a reasonable expectation that the real number is higher,” Ortex co-founder Peter Hillerberg said in an email. <\/p>\n

Arm’s average cost to borrow, which is the interest rate for borrowing, is currently at 12.76%, according to Ortex. By comparison, a similarly shorted stock, Tesla (NASDAQ:), has a cost to borrow at 0.48%, Ortex said. <\/p>\n

Arm’s higher cost to borrow “can be an indication that the demand to borrow, and short, the stock is high,” Hillerberg said. <\/p>\n

Analysts from Bernstein and Needham had published less than optimistic notes about the chip technology company and options on the stock starting trading on Monday at a brisk pace with many investors positioning for further downside. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A smartphone with a displayed Arm Ltd logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS\/Dado Ruvic\/Illustration\/File Photo (Reuters) – Shares in Arm Holdings (NASDAQ:) were down 6.1% on Tuesday, on track for their third decline out of the stock’s first four sessions as a<\/p>\n","protected":false},"author":1,"featured_media":14093,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-20555","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nArm shares eye third straight day of losses as post-IPO buzz fizzles | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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