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The stock market may be hitting new records all the time, but under the surface lurk companies that draw the ire of hedge funds.
They span industries ranging from retail to internet software, and they’ve earned the unfortunate distinction of either being overvalued, or downright fundamentally flawed.
To see which stocks bear the biggest burden of hedge fund shorts, the equity strategy team at Goldman Sachs analyzed 821 funds that hold a combined $1.9 trillion in gross equity positions.
Goldman then identified the stocks that have the highest short interest as a percentage of shares outstanding. They limit the screen to companies that have market caps greater than $1 billion, and are also held by 10 or more hedge funds.
Here’s a list of the 11 stocks in the index that best fit that criteria:
Get the latest Goldman Sachs stock price here.
11. Greenbrier Companies
Subsector: Construction machinery & heavy trucks
Total return year-to-date: 9%
Short interest as % of market cap: 31%
Source: Goldman Sachs
10. Pandora Media
Subsector: Internet software & services
Total return year-to-date: -25%
Short interest as % of market cap: 32%
Source: Goldman Sachs
9. Frontier Communications
Subsector: Integrated telecom services
Total return year-to-date: -60%
Short interest as % of market cap: 32%
Source: Goldman Sachs
8. Seritage Growth Properties
Subsector: Retail REITs
Total return year-to-date: -7%
Short interest as % of market cap: 33%
Source: Goldman Sachs
7. Big Lots
Subsector: General merchandise stores
Total return year-to-date: -6%
Short interest as % of market cap: 35%
Source: Goldman Sachs
6. Restoration Hardware
Subsector: Home furnishing retail
Total return year-to-date: 86%
Short interest as % of market cap: 35%
Source: Goldman Sachs
5. Banc of California
Subsector: Regional banks
Total return year-to-date: 20%
Short interest as % of market cap: 36%
Source: Goldman Sachs
4. Twilio
Subsector: Internet software & services
Total return year-to-date: -16%
Short interest as % of market cap: 36%
Source: Goldman Sachs
3. BofI Holding
Subsector: Thrifts & mortgage finance
Total return year-to-date: -17%
Short interest as % of market cap: 38%
Source: Goldman Sachs
2. Avis Budget Group
Ticker: CAR
Subsector: Trucking
Total return year-to-date: -35%
Short interest as % of market cap: 42%
Source: Goldman Sachs
1. JCPenney
Subsector: Department stores
Total return year-to-date: -48%
Short interest as % of market cap: 44%
Source: Goldman Sachs
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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