Tesla Inc (TSLA)

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Short Sellers Bet Big Against Tesla, Other EV Makers
By: Paul Ausick | April 13, 2021

Short interest moves among automaker stocks were mostly higher during the two-week reporting period that ended on March 31. Of the companies we watch, short interest increased on all six electric vehicle (EV) makers and declined on both of the traditional carmakers.

Tesla Inc.’s (NYSE: TSLA) short interest rose by 3% during the latest two-week period. Short sellers held 46.3 million shares (about 6%) of Tesla’s total float. Days to cover remained at two, and the share price fell by about 5.7% in the reporting period. The stock’s 52-week range is $134.76 to $900.40 (split-adjusted), and it closed at $721.84 on Monday. Shares traded up by about 2.9% Tuesday morning.

The Nikola Corp. (NASDAQ: NKLA) short interest increased by 20% in the two weeks to March 31. About 40.3 million shares were short, representing about 23.8% of the company’s total float. Days to cover remained at three. Nikola’s share price fell by nearly 19% during the reporting period, and the stock currently trades down about 26% for the year to date. Its 52-week trading range is $11.32 to $93.99, and shares closed at $11.84 on Monday and traded down by less than 1% Tuesday morning at $11.80.

Nio Ltd. (NYSE: NIO) saw its short interest soar by 26% in the two-week period. About 65.4 million American depositary shares (ADS) were short, representing about 5.25% of the company’s total float. Days to cover remained at one. The stock’s 52-week range is $2.88 to $66.99, and shares closed Monday at $37.14. The stock traded up by about 1.9% Tuesday morning, after dropping by about 13% during the two-week reporting period.

Workhorse Group Inc.’s (NASDAQ: WKHS) short interest increased by 17% in the two-week period. Some 36.6 million shares were short, which is about 29.8% of the total float. The share price tumbled by nearly 23% in the latter half of March. The stock closed at $12.36 on Monday and traded up by less than 1% Tuesday morning. Its 52-week range is $1.94 to $42.96.

Li Auto Inc. (NASDAQ: LI) had its short interest increase by 13% in the two weeks. About 21 million ADSs were short, representing about 2.9% of the China-based company’s total float. The share price dipped by around 3.5% in the period. The post-IPO range is $14.31 to $47.70, and shares closed at $21.78 on Monday. They traded down less than 1% Tuesday morning.

The Xpeng Inc. (NYSE: XPEV) short interest totaled about 23.5 million shares, rising by 14% in the two-week reporting period. Short sellers held about 5% of the company’s total float. Shares added about 3.2% in the two weeks and closed at $33.995 on Monday, in a post-IPO range of $17.11 to $74.49. The stock traded up by nearly 5% Tuesday morning.

General Motors Co. (NYSE: GM) saw short interest fall by 2% in the reporting period ended March 31. About 18 million GM shares were short, or about 1.3% of the company’s float. Days to cover remained at one. Shares slipped by less than 1% in the period and closed Monday at $59.66. The 52-week range is $20.12 to $63.44, and shares traded down about 2.6% Tuesday morning.

Ford Motor Co. (NYSE: F) short interest slipped by 1% to about 82.5 million shares, or 2.1% of the total float. Days to cover remained at one. The stock price dropped by about 5.7% in the two-week reporting period, and shares closed at $12.38 on Monday, in a 52-week range of $4.52 to $13.62. They traded down by about 1.6% Tuesday morning.

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