Tesla (TSLA) -), Elon Musk's flagship tech firm, topped a list of the most-shorted U.S. large-cap stocks in August, the third consecutive month it did so, according to a new 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 for the top spot.
Related: Bill Gates committed a cardinal sin in Elon Musk's eyes
The score represents securities that are being shorted by the highest percentage in Hazeltree's community in a set category; 99 is the highest score a given security can receive and represents the stock that the largest percentage of funds are shorting.
Tesla did not immediately respond to a request for comment.
The electric vehicle leader, meanwhile, is up more than 122% for the year, bolstered by excitement over deals with legacy automakers to gain access to Tesla's Supercharging network.
The company's stock slid following its second-quarter earnings report on news of lower margins amid ongoing price cuts as Tesla works to beat out its competition and entice buyers to go electric. Tesla shares, however, surged Monday in the wake of a new report from Morgan Stanley analyst Adam Jonas, in which the investment bank lifted its Tesla price target to $400 from $250.
More Tesla:
- Elon Musk On Tesla's Stock "10X-ing" as Cathie Wood Has Predicted
- Tesla Faces a Troubling New Investigation Into Several of Its Most Popular Models
- Tesla chief Elon Musk says he's 'not building a house anywhere' in wake of federal investigation
Jonas specifically took note of Tesla's supercomputer, Dojo, saying that the tech could add up to $500 billion to the company's market value through the quick adoption of robotaxis and network services.
This outlook of Tesla as a tech company, rather than a car company, is one shared by Wedbush's Dan Ives and Ark Invest's Cathie Wood.
Wood, who expects Tesla to be trading at $2,000 per share by 2027, said recently that "Tesla should trade like a technology stock and not like traditional automakers, something that analysts and Tesla bears can’t grasp."
Tesla represents Ark Innovation's largest holding, weighted at more than 11% of the fund and worth around $890 million.
Ives, who recently projected that Tesla could see up to $20 billion a year in revenue just from its Supercharging network, told TheStreet that the monetization of the company's software and services will send it to the stratosphere.
Tesla shares were up around 1% Tuesday morning.
If you work for Tesla, contact Ian by email ian.krietzberg@thearenagroup.net or Signal 732-804-1223
