Corporate Travel shares hit 50¢ as hedge fund short-covering clashes with rival short-seller

QVG Capital's attempt to exit its short position at a steep discount has collided with a rival fund offering to buy shares for just 1¢, highlighting the extreme distress in the beleaguered logistics group.

By Handelsavisen Newsroom · Automated 2026-07-06 05:09 UTC · 1 min read

Corporate Travel (CTD.AX) shares have plummeted to 50¢, caught in a tug-of-war between hedge funds betting on the company's collapse and those attempting to unwind short positions at distressed valuations.

QVG Capital, which had been running a long-standing short position against the logistics group, moved to cover its bets last month.

Portfolio manager Josh Clark sought to close the position by buying back shares at a 97% discount to their prior value, signaling a belief that the worst of the downside may have been priced in or that the short squeeze risk was becoming untenable.

However, the exit strategy has been complicated by a rival short-seller who is reportedly offering to purchase Corporate Travel shares for just 1¢ each.

This aggressive bid underscores the deep skepticism surrounding the company's viability and suggests that some market participants still see significant further downside potential.

The clash between these two hedge funds highlights the extreme illiquidity and sentiment divergence in the stock.