3D printer makers 3D Systems (DDD -3.8%), Stratasys (SSYS -4.5%), and ExOne (XONE -10.5%) are all continuing their September selloffs today. ExOne, fresh off pricing a 2.7M-share stock offering, is now down 20% since Sep. 5. Stratasys, which announced a 4M-share offering on Monday, is down more than 10% over the same time.
The Ranger Equity Bear ETF (HDGE) has taken a short position in 3D Systems. Among other things, the fund's managers are critical of 3D's valuation (10x and 112x trailing revenue and EPS) and a lengthening cash conversion cycle (up 24 days in Q2 to 107 days).
The Nasdaq's latest short interest data indicates all 3 names remain well-shorted. 29.4% of 3D Systems' float was shorted as of Aug. 30. For Stratasys, the figure is 10%, and for ExOne it's 27.6%.