Hedge funds show Moonpig red card

Hedge funds have built up record bets against card seller Moonpig. 

The online retailer’s shares have already more than halved this year as customers tighten purse strings. 

Now almost 4 per cent of its stock is on loan to short sellers, who make money if the shares fall – suggesting they do not think Moonpig will have a good Christmas. 

Five firms, including GLG Partners, BennBridge and JPMorgan Asset Management are stalking the firm. 

Moonpig was valued at £1.2billion when it floated in London in February 2021. 

But the lockdown boom in online spending has worn off and it is now worth £576million. 

Victoria Scholar, at Interactive Investor, said it had been forced to refocus on its ‘bread and butter’ greetings cards as it had become harder to sell soft toys and other higher margin products.