Research firm Markit Economics says Tesla Motors Inc. is now the most shorted stock on the Nasdaq 100.
In fact, short interest for the electric car maker has jumped by a third since March to 15 percent of outstanding shares.
Markit obtained the lofty figure by calculating the number of shares on a loan. In December, Tesla had seen short interest jump to 37 percent.
In March, Tesla was the fourth-most shorted stock. Its stock has gained about 369 percent in the last year and hit an all-time high of $254 in early March after the announcement of Tesla’s $5 billion gigafactory.
Though sales have fallen since then to $204, and its stock was hit by a heavy selloff in momentum stocks that pulled its Nasdaq Composite below 4,000 for the first time in months, analysts still think buying Tesla stock is the way to go. They believe that once the sell-off is over, Tesla will soar to even dizzier heights than ever.
On Monday, Tesla (NASDAQ: TSLA shares were down 0.41% to $202.95 at about 10 a.m. Eastern time.
Source: ValueWalk.com
