According to a new report from Hazeltree Securities, Tesla (TSLA), Elon Musk’s flagship tech firm, topped the list of the most-shorted U.S. large-cap stocks in August for the third consecutive month. With a score of 99, Tesla ranked as the most crowded large-cap short position, surpassing Charter (CHTR), Apple (AAPL), and Ford (F). The score represents securities that are being shorted by the highest percentage in Hazeltree’s community. Despite being heavily shorted, Tesla’s stock has been performing well, up more than 122% for the year, fueled by excitement over deals with legacy automakers to gain access to Tesla’s Supercharging network. Following its second-quarter earnings report, Tesla’s stock did slide due to lower margins caused by ongoing price cuts as the company strives to outperform its competition and attract electric vehicle buyers.
Morgan Stanley analyst Adam Jonas recently released a report in which the investment bank raised its Tesla price target to $400 from $250. Jonas specifically noted Tesla’s supercomputer, Dojo, and its potential to add up to $500 billion to the company’s market value through the quick adoption of robotaxis and network services. This perspective of Tesla as a tech company rather than just a car company is shared by other analysts, such as Wedbush’s Dan Ives and Ark Invest’s Cathie Wood. Wood believes that Tesla should be valued and traded like a technology stock, rather than a traditional automaker. Tesla represents Ark Innovation’s largest holding and is weighted at more than 11% of the fund, worth around $890 million. Despite being heavily shorted, Tesla’s stock saw a 1% increase on Tuesday morning.
Keywords: Tesla, most-shorted large-cap stocks, Hazeltree Securities, electric vehicle leader, Supercharging network, Morgan Stanley analyst, Adam Jonas, Tesla price target, Dojo, robotaxis, network services, tech company, Wedbush analyst, Dan Ives, Ark Invest, Cathie Wood, revenue, software, services.
Hashtags: #Tesla #stockmarket #shortsellers #electricvehicles #Supercharging #technology #automakers #investing #analysts #technologycompany
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