17Palms Investments, based in Fullerton, CA, has taken a short position in IPGP.
IPGP, or IPG Photonics, is a company that manufactures industrial lasers used in manufacturing. The company has enjoyed a rise in its stock price, currently around $72/share.
17Palms believes that the company’s earnings, announced on April 29th, will not be positive. This decision was largely based on a record of insider selling in the last 30 days by the company’s executives.