Tesla topped Chevron as most shorted large-cap stock in May, Hazeltree says (TSLA)

Tesla (NASDAQ:TSLA) has once again taken the top spot as the most shorted large-cap U.S. stock in May, according to a recent report from data and tech firm Hazeltree. The electric vehicle maker scored a 99 on Hazeltree’s Crowdedness Score, indicating that it is currently being shorted by the highest percentage of funds in Hazeltree’s community.

This news comes as Tesla’s stock has experienced a significant drop of over 30% year-to-date, attributed to a slowdown in demand and increased competition in the EV market. The company has seen declines in key metrics such as revenue growth and free cash flow.

In a surprising turn of events, Tesla replaced oil major Chevron (NYSE:CVX) as the most crowded security, with Chevron now ranking third. Chevron’s stock performance has lagged behind the broader S&P 500 index over the past 12 months, after a strong showing in late 2021 and early 2022.

Other notable mentions in the report include multiple semiconductor firms like Microchip Technology, Advanced Micro Devices, and Synopsys, which have emerged as some of the most crowded large-cap stocks in the Americas.

Additionally, Charter Communications was highlighted for having the highest institutional supply utilization rate of 20.73%, indicating strong demand for the security.

Overall, the top 10 most shorted securities in the Americas in May, according to Hazeltree, reflect a mix of industries and market trends. DailyBubble sees this as a reflection of the current market sentiment towards these companies and will continue to monitor their performance closely.