Pandora A/S appears to be losing the confidence of key analysts and investors.

Shares in the world’s biggest jewelry maker - fashion pandora, which is based in Copenhagen, slumped more than 8 percent at one point on Thursday, dragging it down to its lowest market value since February 2015.

Doubts surrounding pandora outlet online shopping -- amplified by perceived gaps in management’s guidance and market expectations -- have encouraged hedge funds to make the company one of the Nordic region’s most shorted stocks.

According to regulatory filings, funds betting against Pandora include Coatue Management, AQR Capital Management, Lone Pine Capital, Indus Capital Partners, Melvin Capital Management and Scopia Capital Management. In total, short interest in Pandora represents well over a tenth of its market value.

But about half the analysts covering the stock still recommend buying Pandora jewelry sale, according to data compiled by Bloomberg.

Oliver Sherman, an analyst at Northern Trust Capital Markets, suggests investors might have over-reacted to wholesale pandora shine collection’s first-quarter numbers.

“China is only 7 percent of their business, and we see the news as more of a speed-bump than a ‘stop’ sign,” he said in a client note on Wednesday. He also notes that management “seem perplexed by the share price reaction.” Sherman said he shares the company’s view that new products will support demand and expects evidence of this “to filter through as the months and quarters pass by.”