Tesla Inc (TSLA) is down 8.44% in mid-morning trading as car deliveries fell to 63,000 vehicles, down 27,966 vehicles,Ā down 31%, from their fourth quarter number.
Tesla short interest is $9.04 billion; 30.99 million shares shorted; 24.49% of float; stock borrow cost is 0.30% fee.
We are seeing increased short selling today as short sellers are increasing their exposure in todayās price drop and expected further weakness.
Shares shorted were down 675k, -2.13% over the past week ahead of the news which was a reversal from February and Marchās trend of increased short selling. Shares shorted are up 5.4 million shares, +21.20%, in 2019.
With a mid-morning price of $267.18 TSLA stock is down 8.44% and shorts are up $763 million in mark-to-market profits today. Todayās price move added to Tesla shorts yearly profits, they are now up $1.79 billion, +21.87%, in mark-to-market profits for the year.
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Managing Director Predictive Analytics, S3 Partners, LLC
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