Tesla topped Chevron as most shorted large-cap stock in May, Hazeltree says (TSLA)
In May, Tesla (NASDAQ:TSLA) reclaimed its position as the most shorted large-cap U.S. stock, according to a report by Hazeltree. The electric vehicle company scored a 99 on Hazeltree’s Crowdedness Score, indicating that it is being heavily shorted by funds within Hazeltree’s community.
This news comes as Tesla’s shares have fallen by over 30% year-to-date, due to a decrease in demand and increased competition in the electric vehicle market. The company has seen declines in key metrics such as revenue growth and free cash flow.
Chevron (NYSE:CVX) slipped to the third most crowded security spot, with a score of 97. Despite a strong performance in late 2021 and early 2022, Chevron has underperformed the S&P 500 index over the past 12 months.
Other companies that made it to the list of most shorted large-cap stocks in the Americas include Microchip Technology (MCHP), Advanced Micro Devices (AMD), and Synopsys (SNPS). Charter Communications (CHTR) had the highest institutional supply utilization rate, indicating strong demand for the security.
According to Hazeltree, the top 10 most shorted securities in the Americas in May were:
1. Tesla (TSLA): Crowdedness Score of 99
2. Microchip Technology (MCHP): Crowdedness Score of 97
3. Chevron (CVX): Crowdedness Score of 97
4. Advanced Micro Devices (AMD): Crowdedness Score of 82
5. Charter Communications (CHTR): Crowdedness Score of 82
6. Halliburton Company (HAL): Crowdedness Score of 79
7. T-Mobile US (TMUS): Crowdedness Score of 79
8. Synopsys (SNPS): Crowdedness Score of 79
9. Walt Disney (DIS): Crowdedness Score of 79
10. EQT Corp (EQT): Crowdedness Score of 76
DailyBubble’s perspective on the matter is that the high short interest in Tesla reflects the uncertainty surrounding the company’s future performance, especially in the face of increased competition in the EV market. Investors should carefully monitor these trends to make informed decisions about their investment strategies.