Tesla surpasses Chevron to become the top short interest target on Wall Street
In May, Tesla once again became the most heavily shorted large-cap US stock. So far this year, Tesla's stock price has fallen by more than 30%, with key indicators showing a decline. Chevron and several semiconductor companies have also been heavily shorted. According to data and the report from technology company Hazeltree, Tesla has become Wall Street's top short target
According to the financial news app Zhitong Finance, based on the monthly report released by the data and technology company Hazeltree on Tuesday, Tesla (TSLA.US) has once again become the most heavily shorted large-cap stock in the US in May.
It is understood that Hazeltree ranks short positions based on a "Crowdedness Score" from 1 to 99, with 99 representing the securities with the highest percentage of funds shorting. Tesla's Crowdedness Score is 99.
Since the beginning of this year, due to the slowdown in demand in the electric vehicle market and increased competition, Tesla's stock price has dropped by more than 30%. The company has seen significant declines in all key metrics, including negative revenue growth and deteriorating free cash flow.
Tesla has surpassed the oil giant Chevron (CVX.US) to become the most heavily shorted large-cap stock. After a strong performance at the end of 2021 and the beginning of 2022, Chevron's stock has underperformed in the past 12 months, lagging behind the S&P 500 index.
Several semiconductor companies such as Microchip Technology (MCHP.US), AMD (AMD.US), and Synopsys (SNPS.US) also became heavily shorted large-cap stocks last month.
According to Hazeltree's data, here are the top 10 most heavily shorted US stocks in May:
