Investors just can't stop betting against Wingstop.
Short interest in the stock now sits at the highest since the chicken chain went public in June 2015, with roughly $215 million at risk for bearish speculators, data from financial analytics firm S3 Partners shows.
The bearishness is nothing new for Wingstop. The company's shares have previously shown resilience in the face of downside bets. While short exposure nearly doubled in 2016, the stock surged 30%, costing those speculators an average of 23% on their positions.
Wingstop has a particularly high-profile detractor: Kase Capital founder Whitney Tilson, who identified the company as his largest short position in an April 7 presentation. He called the company's valuation "absurd," noting that same store sales growth is decelerating, and stating that there's "little that is proprietary or unique about this business." He largely echoed comments he made in November.
The company's stock is down 5.8% so far in 2017, although it's rallied 11% since falling to a 10-month low on March 7. Still, its current level is down 16% from a record high reached in December.
