Nutrition supplement seller Herbalife’s stock hit a 52-week high today of $62.14 a share.
The stock was last trading up more than 3% at $61.19 per share.
The shares have been trading in a range of $60.75 to $62.14.
Herbalife is the stock that hedge fund manager Bill Ackman, who runs Pershing Square Capital, is famously short.
Back in December, Ackman publicly revealed that he’s shorting $1 billion worth of Herbalife stock in a 342-slide presentation. He believes the company is a pyramid scheme and that regulators, specifically the FTC, will investigate it.
Herbalife, a multi-level marketing firm that sells weight loss shakes and vitamins, has been the centre of a huge hedge fund battle.
Ackman’s rival, billionaire investor Carl Icahn, has snapped up a massive long position. Icahn believes that Ackman will be the victim of the “mother of all short squeezes.”
Today we also have Daniel Loeb, who runs Third Point, out with a taunting message on his Bloomberg Terminal that’s targeted toward Ackman.
Since December 18, the trading session before Ackman confirmed his short, shares of Herbalife are up more than 39%.
Here’s the chart of this morning’s trading activity:
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