Zip and the Westpac overhang
Dear James, On 30 nov 20 you were saying there was an overhang on the z1p shares – 5% coming out of escrow and Westpac selling its $467 million stake , What is the status quo now? Thanking you, Indran
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Answer
Morning Indran,
We believe the determining factor in the status quo dynamic of Z1P at this point in time is the fairly aggressive short-covering that’s seen its short position basically halve from Januarys level above 8%. This unrelenting buying, which probably was aided by the GameStop surge in the US, is likely to plateau in the coming weeks and the company will then need to kick some further operational goals to push the stock to fresh all-time highs.
MM is bullish Z1P but will consider taking some profits above $15.
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