LPKF Laser: 366% Rally Draws Short Sellers While Insiders Bet on LIDE's Next Act

Hedge fund Voleon doubles short position while CEO buys shares amid sharp correction. AGM on June 4 to decide restructuring and LIDE technology future.

The battle for LPKF Laser shares is intensifying at an extraordinary moment. While the stock has surged more than 366% since January, two very different institutional signals emerged this week: a hedge fund doubled its short position to 2.13% of the float, and the company’s CEO stepped in to buy shares on the open market during a sharp correction. The clash sets the stage for a pivotal annual general meeting on June 4, where restructuring plans and the commercial future of LIDE glass-etching technology will be put to the test.

Voleon Capital Management increased its bearish bet against LPKF on Tuesday, according to a filing with the Bundesanzeiger, as the stock touched its highest level in five years at €29.20 the previous session. On Tuesday, the share price retreated 4.11% to €28.00, though it had earlier dipped further to around €27.50. The hedge fund’s build-up occurred as retail investors piled into the stock on semiconductor euphoria, pushing it 221% above its 200-day moving average — a level that often signals extreme overextension.

CEO steps in during the correction

On May 19, during a 38% pullback from the interim high, CEO Dr. Klaus Fiedler bought LPKF shares at €21 each. The insider purchase sent a clear vote of confidence, particularly as the company’s first-quarter numbers painted a tough picture. Revenue slumped 32% year-on-year to €17.1 million, dragged down by weak solar demand. The EBIT loss deepened to €6.9 million from €3.9 million, with an adjusted EBIT loss of €5.7 million after costs for the ‘North Star’ transformation programme — an initiative that has drawn sharp criticism from some shareholders.

The divergence between the share price and operating performance is stark. LPKF’s market capitalisation stands at roughly €653 million, yet management guides for full-year revenue of just €105 million to €120 million, implying the company will be lucky to break even operationally in 2026. That hasn’t stopped the stock from climbing: the order book offers some justification, with first-quarter orders rising to €24.1 million from €20.5 million, pushing the book-to-bill ratio to a healthy 1.4. A first capacity-expansion order for LIDE (Laser Induced Deep Etching) equipment arrived during the period, though management has only described ‘advanced’ customer discussions rather than firm series orders.

AGM showdown looms over North Star

The June 4 annual general meeting threatens to become a flashpoint. A group of shareholders has filed countermotions directly challenging the North Star restructuring programme championed by CEO Fiedler. If the vote becomes a contest, it could throw leadership into question just as LIDE negotiations for production-scale contracts reach a critical juncture. Montega, which rates the stock a ‘Hold’, warns that the valuation already prices in a successful commercialisation that is far from guaranteed.

Short sellers are circling, but the 2.13% short interest also raises the risk of a squeeze. Should the stock continue to rally, Voleon and other bears could be forced to cover, adding further fuel to the fire. Technical support sits at €22.40, the 20-day moving average, a level that held during the May correction and where the CEO stepped in to buy. The next big catalyst for the bull case will come with the delivery of first-half results in July, which will show whether the encouraging order intake is translating into recognised revenue.

For now, LPKF shares remain a bet on the adoption of advanced packaging for microchips, a theme that captured the market’s imagination but has yet to deliver consistent earnings. With opposing forces on both sides of the trade and a boardroom battle brewing, the AGM will offer the first real verdict on whether the glass-substrate promise can survive the operational reality.