Prosper Stars & Stripes, a long/short equity fund, reported that its short position in Via Transportation was the largest contributor to its short book in the first quarter of 2026. The fund initiated the short shortly after Via's September 2025 IPO, arguing the market mischaracterized the labor-intensive transit contractor as a high-margin software company. Via reported fiscal 2025 gross margins of 40%, well below the 70% or more typical of pure-play software firms, and approximately 90% of its revenue comes from government clients, exposing it to contracting cycles and budget constraints. The fund also cited limited pricing power, highlighted by a recent contract renegotiation with LA Metro, and continues to maintain its short position. Via Transportation stock closed at $14.82 per share on June 17, 2026, with a market capitalization of $1.26 billion and a year-to-date decline of 48.91%.
Via Transportation, Inc.Fund's short thesis highlights low margins, government revenue exposure, and limited pricing power, driving stock down 48.91% YTD.
Fund's short position in Via Transportation was the largest contributor to its short book, implying profitable trade for the fund.