Two Big Funds Short LPKF Laser After a 319% Surge — Betting the LIDE Story Is Overpriced

Short sellers target LPKF Laser after a 319% year-to-date rally, as weak Q1 revenue and a 3% stock decline signal potential overvaluation.

Hedge funds are piling into bearish bets against LPKF Laser just as the stock reaches dizzying heights. Voleon Capital Management has raised its net short position to 1.49% of the company’s outstanding shares this week, while Connor, Clark & Lunn Investment Management crossed the disclosure threshold for the first time with a 0.51% short. The move comes after a staggering 319.30% year-to-date rally that pushed the share price to a fresh 52-week high of €28.00 on Monday — before it promptly reversed. By Thursday, the stock had slid more than 3% to €24.30, as the air began to leak from the balloon.

That disconnect is not lost on professional investors. The rally has been fueled almost entirely by expectations around LIDE, LPKF’s glass-processing technology for advanced semiconductor packaging. LPKF has talked up concrete discussions with multiple customers for initial production tools, and CEO Klaus Fiedler has pointed to 2027 as the year mass production of glass substrates could take off, particularly in South Korea. But the underlying financials tell a more sobering story. In the first quarter, revenue plunged 32% to €17.1 million, pushing EBIT to a loss of €6.9 million. The weak solar business was the main culprit. On the bright side, order intake climbed to €24.1 million, lifting the book-to-bill ratio to 1.4 — a sign that future demand is firming up, even if it hasn’t hit the income statement yet.

The company, for its part, is trying to bridge the gap with its “North Star” efficiency drive. Production of plastic welding systems is being shifted from Fürth to Suhl, and the goal is a double-digit EBIT margin by 2028. To give itself breathing room, LPKF extended its syndicated loan agreement through the end of 2028, securing a €25 million revolving credit facility. None of that, however, changes the uncomfortable reality that the stock is now pricing in revenues that have not been booked — or even officially guided. The 30-day annualized volatility has hit 139.81%, a vivid gauge of the market’s schizophrenic mood.

Short sellers see an opening. They are essentially betting that the 319% surge has run too far, too fast, and that the bullish narrative around LIDE will take longer to materialize than the current price suggests. The 50-day moving average sits at just €12.00, meaning the stock has more than doubled that level in a matter of weeks. If profit-taking accelerates, there is little in the way of technical support until that average.

All eyes now turn to the annual general meeting on June 4, 2026, where the LIDE strategy and a planned boardroom change will be in focus. Until then, LPKF’s shares remain hostage to the tension between a visionary technology story and a balance sheet that still bleeds red ink. The big funds have placed their bets — and they are betting against the narrative.