Walt Disney Co. (DIS) short interest jumped by $696 million during the past month as investors bet there is more pain to come for shares of the entertainment powerhouse.

The rise in short interest, or the number of investors making bets the stock will go lower, increased after company Chief Executive Bob Iger lowered the 2017 EPS target during the Bank of America Media, Communications & Entertainment conference earlier in September and announced plans to exit its partnership with Netflix Inc. (NFLX) as it gears up to launch it owns streaming video service. That prompted more bad bets on Disney and thus the increase in short interest. During the BofA presentation, Disney’s CEO said the company expects EPS for 2017 to match what it reported in 2016 instead of providing 3% growth. The tempered outlook was lower than what Wall Street was expecting and way below its EPS growth of 17.8% over the last seven years.

“Disney’s $696 million increase in short interest over the last month was the fifth largest increase in the U.S. market. Short sellers seem to be rushing to get short exposure in the stock, expecting near term price weakness and continued downward price trend that began in May,” wrote Ihor Dusaniwsky, managing director of Predictive Analytics at S3 Partners, a financial analytics firm, in a research report. “Disney’s increase in short interest has made it the 23rd largest equity short in the U.S. market, and by far the largest short in the sector.” Shares of the company are down more than 8% since the start of the year. So far in September the stock is 4% lower. (See also: Disney to Slash Workforce at Struggling TV Units.)

Jedis to the Rescue?

According to Dusaniwsky in addition to the lowered outlook, shorts have been reacting to its move to pull its content off of Netflix, even though its sports streaming service won’t be live until 2018 and not until 2019 for its platform for Disney and Marvel films. There’s also large sport content expenses at ESPN and weaker-than-expected ticket sales for “Pirates of the Caribbean,” “Beauty and the Beast” and “Cars 3” that is weighing on the stock and emboldening the shorts, noted S3 Partners. The analyst said Disney is betting that “Star Wars: The Last Jedi” and “Thor: Ragnarok” will boost what is a weak year for the company at the box office. (See also: Disney Will Need 32M Subscribers to Beat Netflix.)

“Disney is definitely the short sellers pick in the sector, with $2.7 billion of short interest, which is over three times as large as 21st Century Fox Inc. (FOXA) in a distant second place,” wrote Dusaniwsky. He noted that short sellers aren’t only eyeing Disney as a bet that things will get worse. Total short interest in the movies and entertainment sector currently stands at $7.7 billion, which is up $1.7 billion or 29% so far this year. Of that, $1.15 billion occurred during the last 30 days although Disney is the undisputed favorite among short sellers. “There is more than enough Disney stock to borrow if short interest continues to climb and gets anywhere near Disney’s historical high of $6.7 billion of short interest in September 2015,” wrote the analyst.

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