Citron Research Re-Enters Tesla Short Position, Says Deliveries Were 'Underwhelming To A Watchful Eye'

Update, 10:57am..Citron comment to Benzinga: "[T]hey lowered deliveries early part of the year and now they just met the original delivery schedule. The ultimate wall st trick of lowering a bar to just jump over it."

Tesla Motors Inc TSLA shares are dropping after hitting an intra-day high near $280 on Thursday morning. The stock at one point traded below $274 after socially-active short seller Citron Research tweeted the following:

Earlier on Thursday morning, Tesla reported a 52 percent year-over-year increase in Model S unit sales during the second quarter, according to a press release.

This action follows mostly bullish commentary from Wall Street firms.

Global Equities Research analyst Trip Chowdhry reiterated his $385 price target on the stock, stating the company can "easily" hit 62,000 to 65,000 auto deliveries this year.

Bank of America, meanwhile, nearly tripled its price target to $180 from $65. "In our view, the company could be successful in the long term as niche focused company, as demand for alternative drivetrains accelerates," BofA analyst John Murphy wrote.

On Wednesday, Evercore ISI Rich Ross said Tesla's technical outlook puts shares near or at the $300 mark over the short-term.

At the time of publishing, shares are stabilizing near the $274 area.

Posted In: Citron ResearchRich RossTrip ChowdhryShort IdeasMoversTechTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.