The most crowded longs and shorts in Internet – Jefferies

A Jefferies technology, media, and telecommunications survey said that 23% of investors are overweight internet (NYSEARCA:ARKW), (PNQI), (FND).

The percentage is down from the last survey, which was at 29%, and from the previous at 37%, but in line with a quarter-over-quarter net basis at 13%.

The top three most crowded longs – Netflix (NFLX), Spotify (SPOT), and Uber Technologies (UBER) – remain the same quarter-over-quarter.

DoorDash Inc. (DASH) saw a notable uptick, compared to the last quarter. It ranked fourth this quarter vs. 13^th last quarter.

On the crowded shorts, Airbnb Inc. (ABNB) saw the most notable uptick. It ranked second this quarter vs. eighth last quarter.

The long Booking Holdings (BKNG) and short Airbnb (ABNB) remain “a consensus trade right now,” said Michael Toomey, head of TMT Equities Trading, at Jefferies.

Below are the crowded longs, excluding Amazon (AMZN), Alphabet (GOOGL), and Meta (META):

1. Netflix (NFLX)
2. Spotify (SPOT)
3. Uber Tech (UBER)
4. DoorDash (DASH)
5. The Trade Desk (TTD)
6. Booking Holdings (BKNG)
7. Pinterest (PINS)
8. MercadoLibre (MELI)
9. Roblox (RBLX)
10. Reddit (RDDT)

The crowded shorts, the three mega caps:

1. Snap (SNAP)
2. Airbnb (ABNB)
3. Lyft (LYFT)
4. Etsy (ETSY)
5. Pinterest (PINS)
6. Bumble (BMBL)
7. Expedia Group (EXPE)
8. Match Group (MTCH)
9. Alibaba Group Holdings (BABA)
10. Uber Technologies (UBER)