Tesla is still a widely popular choice for short-sellers, according to Hazeltree’s report that listed the stock, along with Chevron, as its most shorted large-cap securities for the month of March.
Tesla stock has been widely recognized as one of the most-shorted securities in the market for several years, and although it has fluctuated, it is routinely near the top of the list.
It appears the list for March 2024 was no different. Hazeltree, an active treasure and intelligent operations technology company, released its report for March, and Tesla, along with Chevron Corp, were the two most-shorted securities that fell within the “large-cap” category.
Both Tesla and Chevron held a Hazeltree Crowdedness Score of 99.
The Crowdedness Score is defined as:
“This score represents securities that are being shorted by the highest percentage of funds in Hazeltree’s community in a pre-defined category. The securities are graded on a scale of 1-99, with 99 representing the security that the highest percentage of funds are shorting.”
Tesla also held the highest Hazeltree Crowdedness Score in January and February of this year, scoring 99 in all three months. However, its Institutional Supply Utilization has fluctuated.
In January, it was 2.12 percent. In February, it increased to 3.72 percent. In March, it dropped once again to 2.18 percent.
Hazeltree defines Institutional Supply Utilization as:
“This figure represents the percentage of the institutional investors’ supply of a particular security that is being lent out. The institutional supply utilization rate is an indicator of how “hot” a security is in terms of the supply-demand dynamic. It is possible to see 100% utilization of a security’s availability, making it difficult to establish new short positions.”
Tesla and Chevron led Exxon Mobil Corp (86), Live Nation Entertainment Inc (75) and Capital One Finance Corp (75) in the Top 5 of Hazeltree’s March report.
Disclosure: Joey Klender is a TSLA Shareholder.
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