Tesla And SolarCity Among The Hottest Shorts Last Week
Astec Analytics compiles relevant and up-to-date intraday short-selling market insight through securities lending analytics.
On Wednesday, investors woke up to news that Tesla Motors Inc (NASDAQ: TSLA) offered to acquire SolarCity Corp (NASDAQ: SCTY) for around $2.8 billion. Ironically, both of these names were flagged by Astec Analytics as being some of the most shorted stocks in the market.
SolarCity
SolarCity dropped one spot in Astec's "hot stocks" list and trails just Sears Holdings Corp (NASDAQ: SHLD).
Borrowing volume has been tracking around the 100 percent level since February, but last week, borrowing volume rose by 11 percent as short sellers now appear unconcerned with the high borrowing costs. Moreover, the high borrowing level indicates a "strong negative sentiment," especially in the $21 to $22 price level.
Tesla
Tesla is a recurring entry in the "hot stocks" list. Short interest fell throughout May, but borrowing volume rose yet again since the beginning of June.
Short interest accounts for more than 80 percent of the available supply, which "should be ringing alarm bells."
Latest Ratings for SHLD
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Jun 2018 | Susquehanna | Terminates Coverage On | Negative | Negative |
| Dec 2017 | MoffettNathanson | Initiates Coverage On | Sell | |
| Feb 2017 | Susquehanna | Initiates Coverage On | Negative |
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