Herbalife Shares Are Hitting A New High Today

The stock was last trading up more than 3% at $61.19 per share.

The shares have been trading in a range of $60.75 to $62.14.

Herbalife is the stock that hedge fund manager Bill Ackman, who runs Pershing Square Capital, is famously short.

Back in December, Ackman publicly revealed that he's shorting $1 billion worth of Herbalife stock in a 342-slide presentation. He believes the company is a pyramid scheme and that regulators, specifically the FTC, will investigate it.

Herbalife, a multi-level marketing firm that sells weight loss shakes and vitamins, has been the center of a huge hedge fund battle.

Ackman's rival, billionaire investor Carl Icahn, has snapped up a massive long position. Icahn believes that Ackman will be the victim of the "mother of all short squeezes."

Today we also have Daniel Loeb, who runs Third Point, out with a taunting message on his Bloomberg Terminal that's targeted toward Ackman.

Since December 18, the trading session before Ackman confirmed his short, shares of Herbalife are up more than 39%.

Here's the chart of this morning's trading activity: