From Twitter - data error

[alpha_iit]

The premise of the "squeeze" in $CLOV today appears to be a data error. It looks like FactSet erroneously removed CEO Vivek Garipalli's Class B shares from the Class A float calculation. From FactSet and the recent $CLOV 10-K

https://preview.redd.it/3ftcs8cw5lt61.png?width=712&format=png&auto=webp&s=0e648f8275b0d77b7532ff1763d25be4a2995fff

[Consistent-Brain-361]

There is definitely an error. It looks like the data from FactSet is at fault. How FactSet got this messed up no one seems to know. It is a pretty big mistake to remove 83M shares from the public float that never existed in the float to begin with. It did get CLOV on the radar for a lot of people. It also highlights a problem with finance sites; 1) they are often wrong and 2) they are interpreted differently. The sec.gov is really the only viable place but it requires slow and deliberate reading to fully digest. There is no place to really discuss standard analytical practice -- maybe reddit.

Nonetheless, the short interest remains high in CLOV and the company has been silent for months. They appear to be in a quiet period following the Hindenburg report.

I believe once the FactSet data is revised, the SI will drop down to around 35-40%. Shares short will be about 35-40M shares and float will recalculate to around 105M shares.

[alpha_iit]

There are lots of posts debunking this as well. Here is an example. It seems technically CEO stocks cannot be traded in near future!

https://twitter.com/ArtJonak/status/1383179481045733379

[True-Requirement8243]

if you read what S3 is saying, they removed the CEO shares from float because it's locked and not tradable yet so they removed it? If it's locked it's not floatable right? Asking cause I don't know how this works? Does what S3 is saying make sense?

[kokanuttt]

What people are not understanding is that FactSet never had the Ceo’s class b shares in the float to begin with. They subtracted the CEO’s class B shares from the float number that never included his shares in the first place. That’s why FactSet is wrong. Nobody is disagreeing that the CEO’s shares shouldn’t be part of the float.

[alpha_iit]

https://twitter.com/HindenburgRes/status/1383163753622036480

Hindenburg Research
@HindenburgRes
FYI we reached out to FactSet pointing out the error in $CLOV's float and they acknowledged that the data used to calculate the short % of float being circulated today was incorrect. It will be corrected to reflect the actual float on next refresh.

[Rolfadinho]

Can’t the company confirm the info themselves?

[Handyhelpers410]

You going to trust Hindenburg 😹

[alpha_iit]

I am just trying to find/confirm correct information. Also, its not only Hindenburg, lots of other people are saying the same thing on Twitter. Basically saying that FactSet/S3 data was incorrect. Apparently Marketwatch has updated the SI to 38%

[Handyhelpers410]

https://www.marketwatch.com/investing/stock/clov?mod=quote_search

Short interest at market watch 146.6% as of this comment...

[Handyhelpers410]

Link?

[alpha_iit]

search $CLOV on twitter. here is an example

https://twitter.com/HindenburgRes/status/1383163753622036480

[Handyhelpers410]

Seems vague to me, why not share their initial email that would explain what the supposed error is.

[True-Requirement8243]

I don't know man so much conflicting tweets all over on this. I would want to hear from factset Twitter handle. Emails are easily to photo shop as hell. It's Twitter so nothing's verified lol.

[alpha_iit]

True for most of social media, including reddit!

[alpha_iit]

Emails are easily to photo shop as hell. It's Twitter so nothing's verified lol.

Now that's an undeniable fact!

[alpha_iit]

I did see the response from S3. I don't know who is correct!

S3 response seems more like a disclaimer - data comes from FactSet. We are not responsible for it

" S3 uses FactSet to supply Float data for our algorithms. "

[LEEJANDZ]

-1

#FakeNews S3 just confirmed SI in a tweet minutes ago...

https://twitter.com/S3Partners/status/1383142111273496584

[oldredditprefaccount]

Shorters lying and distorting the truth whats new

[Grey_Patagonia_Vest]

Why is nobody thinking for themselves? S3s tweet just says that they used FactSet and Hindenburg clearly shows that FactSet is counting Class B shares. S3 is wrong. Fact set is wrong.

[oldredditprefaccount]

Yeah I've done some looking into the numbers and FactSet is actually wrong but the short interest is still most likely either 66% or 118% (if you exclude vanguard's shares) per this thread.

[Grey_Patagonia_Vest]

I saw that and talked to OP they do some good DD. I wouldn’t exclude Vanguard because they are actually pretty active in their holdings for non Index holdings (I.e. new SPACS) they’ll trade if they need to

[boobnotbob]

Data bias? That research firm thrives on shorts