Hedge funds have been steadily shorting mining equipment manufacturer Weir Group Plc (The) (OTCMKTS:WEIGY) (LON:WEIR) for quite some time now. The net short interest in the London-based company is now at 10.3% of outstanding shares which makes it the most concentrated short bet on the London Stock Exchange.
Weir cut in guidance contributes to short thesis
The shortsellers gained on their bearish bets as the company reported lower than expected earnings for the third quarter and cut its full year guidance. Shares of Weir Group Plc (The) (OTCMKTS:WEIGY) (LON:WEIR) slumped lower than 8% on November 4.
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