Hedge Funds Elevated Their Bets In Opposition To Fb Earlier Than Zuckerberg Testimony

Hedge funds hiked their bets in opposition to Fb via final week as CEO Mark Zuckerberg acquired set to testify in entrance of Congress following a knowledge scandal, based on information from IHS Markit.

IHS Markit forecasts quick curiosity in Fb to have totaled 29.2 million shares on Friday, up from 25.9 million in mid-March. That is nonetheless a small quantity relative to the shares out there for buying and selling on the social media inventory, nevertheless it signifies that some hedge funds could possibly be trying to capitalize on any stumbles as Zuckerberg seems to restore the corporate’s repute.

Fb shares have tanked greater than 13 % prior to now month after it was reported that political analysis agency Cambridge Analytica was in a position to collect private data from thousands and thousands of Fb customers with out their consent.

The decline in Fb’s inventory additionally pressured the broader tech sector, which is down practically 7 % over the previous month.

Zuckerberg is scheduled to testify in entrance of the Senate Judiciary and Commerce committees in a joint listening to Tuesday. Fb’s inventory rose 1.6 % forward of the listening to.

— CNBC’s Evelyn Cheng contributed to this report.

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