Tesla Is Again The Hottest Stock Among Short Sellers
The thesis against owning shares of Tesla Motors Inc (NASDAQ: TSLA) gained momentum over the past few weeks. Investors and analysts questioned the logic behind an acquisition of SolarCity Corp (NASDAQ: SCTY), while a new controversy surrounding the death of a Model S customer linked to the company's autopilot feature is beginning to emerge.
Astec Analytics: Tesla Is The Top Short
Sunguard's Astec Analytics provides up-to-date, intra-day, short-selling market insight. The firm named Tesla as the hottest shorted stock among short sellers.
Sunguard noted it has been a tough month for Tesla, but over the past week, its stock gained 12 percent and traded firmly above the $200 mark. Meanwhile, short interest in the name has also risen over the past seven days and is now 7 percent higher.
In fact, Sunguard stated that short interest in Tesla hit a new 12-month high last week before "falling back slightly" last Friday. As such, the stock is "unavoidably" becoming the firm's most common top pick showing strong short interest and sentiment.
"The Tesla/SolarCity saga has much further to run, it seems, so they may both remain at the top of our list for some time to come," Sunguard concluded.
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