By Caitlin McCabe
Short-seller Carson Block has a new target: e.l.f. Beauty.
Speaking at the Sohn investment conference in London Wednesday, the founder of Muddy Waters Research raised questions about the company's sales, profits and inventory. E.l.f. didn't immediately respond to a request for comment.
Block didn't disclose the size of his short position while speaking, or in a report posted on the Muddy Waters website. Short sellers seek to profit from stock selloffs. They do this by selling borrowed shares, hoping to later close their position by buying back stock at a lower price.
The report said that upon publication, Block's firm intends to "begin covering a substantial majority-or possibly all-of our short positions."
E.l.f shares were recently down about 11%.
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(END) Dow Jones Newswires
November 20, 2024 12:24 ET (17:24 GMT)
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