Michael Burry is selling Lululemon but plans to buy back it back.

Michael Burry, the contrarian ex-hedge-fund manager chronicled in The Big Short, is selling his top holding at an 8.5-year low.

Burry said he's swapped his Lululemon (LULU) shares for Deckers Outdoors (DECK) to claim a tax benefit, according to multiple published reports, which cited his Substack service's chat room. He said he'll buy back Lululemon again in a month, after Internal Revenue Service 30-day wash-trading restrictions would expire.

Wall Street analysts are pessimistic on Lululemon, through the filter of their usually rose-colored glasses. Out of the 37 ratings tracked by FactSet, 27 are a hold and 6 are either underweight or sell.

According to FactSet, of the 13,097 ratings on S&P 500 stocks, 60% are buy, 36% are hold and 5% are sell.

The stock trades at just 11 times the projected earnings for the next 12 months.

While Lululemon stock has floundered, one of the company's Burry is betting against - Nvidia (NVDA)- just reached a new record high.

-Steve Goldstein