This travel business has the largest market short at 11.92% although it’s well down on the 18.5% position held last May. Founder Geoff Harris recently sold $16mnn worth of stock but considering insiders hold ~20% of the company it’s not a meaningful move perhaps just time to upgrade the weekend getaway. The company recently performed a successful $180mn capital raise to enter the luxury UK & US travel market which demonstrated plenty of appetite at lower levels.
- We are not major fans of FLT following their huge capital raise during the GFC but it’s not a stock we would be short.
MM is neutral FLT
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