Tesla (TSLA), Elon Musk’s flagship tech firm, has once again topped the list of the most-shorted U.S. large-cap stocks in August, according to a report from Hazeltree Securities. With a score of 99, Hazeltree ranked Tesla as the most crowded large-cap short position, beating out Charter (CHTR), Apple (AAPL), and Ford (F) by a healthy margin. The score represents securities that are being shorted by the highest percentage in Hazeltree’s community. Tesla’s stock has been performing well this year, with a gain of more than 122%, thanks to deals with legacy automakers to gain access to Tesla’s Supercharging network. However, the stock slid following its second-quarter earnings report, which revealed lower margins and ongoing price cuts. Despite this, Tesla shares surged after a new report from Morgan Stanley analyst Adam Jonas, in which the investment bank lifted its Tesla price target to $400 from $250.
Analysts such as Cathie Wood from Ark Invest and Dan Ives from Wedbush have a bullish outlook on Tesla, considering it more of a tech company than an automaker. Wood expects Tesla’s stock to be trading at $2,000 per share by 2027 and believes that Tesla should be valued as a technology stock. Similarly, Ives projects that Tesla could see up to $20 billion a year in revenue from its Supercharging network. Tesla is the largest holding in Ark Innovation’s portfolio and is worth around $890 million. Despite some fluctuations, Tesla shares were up around 1% on Tuesday morning.
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