Tesla was topped in Hazeltree’s Short Crowdedness Report by Chevron in the firm’s April report.
Tesla has been the most crowded security in Hazeltree’s monthly report for some time. However, Chevron, an oil company that has been second to Tesla for several months in Hazeltree’s reports, topped the electric automaker this month.
April saw short sellers’ interest in Chevron grow from 7 percent in March to 9 percent. It is a jump of roughly $500 million worth of the company’s stock being used for shorting, according to the report.
Tesla had a strong April on Wall Street, which burned short sellers who have made a lot of money from shares lagging for sometime due to reduced EV demand and an unclear outlook from the company.
Tesla short sellers burned for massive losses since Earnings Call
In April, Tesla shares gained four percent, with the vast majority of the spike coming after the automaker’s Q1 2024 Earnings Call. Tesla stock grew 29 percent from the Earnings Call on April 23 to the end of the month.
There were also other bits of news toward the end of April that helped Tesla stock continue its rise. On April 29, shares went up over 14 percent on the day as Tesla gained approval for Full Self-Driving operation in China.
The strong final ten days of April for Tesla took roughly $5.5 billion from short sellers.
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