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.