Pandora A/S suffered its worst selloff in more than half a decade this week?

Now, BlackRock Investment Management has added its name to the list of speculators predicting Pandora shares will decline, as the Danish jewelry maker tells investors to expect slower growth in the coming years.

BlackRock has a 0.51 percent short position in Pandora, pandora travel charms according to a filing published by the Danish Supervisory Authority on Friday. Firms are required to make their short positions public once they surpass 0.5 percent of a company’s outstanding stock. This is the first short filing by BlackRock to the Danish FSA regarding Pandora.

The additional speculation against the company comes as management struggles to improve its relationship with investors. The CEO running Pandora says he’s now targeting “realistic” profit goals after a year of being out of step with analysts and investors who bought Pandora shares. The company’s chairman, Peder Tuborgh, says communication “seems to have been an issue, when you look at the stock price development.”

Anders Colding Friis, chief executive officer at the Copenhagen-based company, says investors need to understand that profit growth will be less impressive as the business grows. Pandora is also trying to protect itself from the adverse effects of sudden exchange-rate swings by guiding in local currencies only, he said.

“As Pandora grows, the percentage growth will of course be smaller,” he said in a phone interview. Asked whether the new guidance, published on Thursday, is more realistic, Friis said “absolutely. That’s the reason why we’ve given those objectives, because we believe they’re realistic for the future development of Pandora.”

Pandora shares opened about 2 percent lower in Copenhagen on Friday, after ending the previous day 11 percent down.

Investors and analysts say the company’s efforts to manage expectations better are much needed. At ATP, Denmark’s biggest pension fund with about $120 billion in assets under management, head of equities Claus Wiinblad says Pandora “had been chasing too high targets throughout” 2017. He said he hopes the company’s new guidance “gives a more conservative baseline for a long-term positive development.”

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