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Insights from the European Short Disclosure Regulation (ESMA). Using daily filings, we track around €50 bn in short investment across 250+ managers.

Data Source: 
European Short Disclosure Regulation
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EU Short Disclosure

What’s going on at McPhy Energy (Euronext:MCPHY)?

May 28, 2021

Let’s start with, What is McPhy? It’s a French mid-cap – valued around $1 billion –tied to the hydrogen market. It’s a green energy play but, while such peers asBrookfield Renewable (Nasdaq:BEPC) or Atlantica Sustainable Infrastructure(NYSE:AY) are consensus Buys, short sellers are making bank on McPhy.

There’s no public news driving McPhy down – from $35 to $26 year-to-date – but there must be whispers. Strategic investors like Electricite de France (Euronext:EDF)and BPI France – a major private sector utility and public sector investment consortium respectively – together account for 20% of ownership, yet short interest is now 7x what it was January 1.