Bearish bets on Fitbit's stock are at an all-time high ahead of the technology firm's third-quarter earnings report on Wednesday.
Financial analytics firm S3 Partners said in a note this week that short interest currently stands at $905 million in exposure, the highest since the fitness tracker maker first listed on the stock market in June 2015.
As a percentage of the float, S3 Partners estimates that as much as 50 percent of shares are now being borrowed by short sellers.
Shorting a stock involves an investor borrowing a security and selling it. If the share price then falls, the investor will buy it back and make a profit. Short interest refers to the amount of short positions that have not been closed.