Short sellers made $848 million betting against First Republic Bank amid the turmoil in March, making it the month's most profitable short trade
was a big target of short sellers last month over fears the lender would be next to fail after Silicon Valley Bank and Signature Bank – and those bets turned out to be the most profitable short trade in March, according to financial analytics firm Ortex. Ortex said Tuesday in its March recap note
. The haul was generated as the stock price sank on worries the San Francisco-based lender"could fall victim to the same forces that caused Silicon Valley Bank and Signature Bank to collapse," Ortex said. Shares in the company eventually closed March down by 89% at $13.99. The stock fell to all-time lows during the month as investors sought out banks that could be subject to bank runs similar to the one that led to the abrupt collapse of Silicon Valley Bank.
, or nearly $120 billion, were not insured, according to the annual filing with the Securities and Exchange Commission.
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Betting against First Republic, short sellers made $848 mln in March - OrtexShort sellers made a whopping $848 million in paper profit by betting against beleaguered First Republic Bank in March, financial data company Ortex said on Tuesday, making it the most profitable short trade last month.
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