Tesla short sellers have lost almost $8 billion during the stock's rally to a record high
Traders betting against Tesla are now"in the winter of despair," wrote Ihor Dusaniwsky, the managing partner of predictive analytics at S3. Year-to-date, Tesla short sellers are down $2.43 billion in mark-to-market losses, including $1.16 billion losses this week alone. While mounting losses might have squeezed out some traders with"less conviction or tighter risk thresholds," a significant amount of shorts have held their ground, Dusaniwsky said.
Even though short positions against Tesla have decreased by 3.2 million shares in December and 18.2 million shares this year, actual short interest — or dollars at risk — has increased by $2.47 billion since Tesla's recent low on June 3, according to the note. We interviewed Wall Street's 7 top-performing investors to get their secrets for success — and their best ideas for 2020
Instead of bowing out of the trade, traders still betting against Tesla have"taken their 2019 rollercoaster P/L ride in stride," he said. If Tesla's rally continues, Dusaniwsky said he expects to see more short covering. The total number of shorted shares is roughly 25.5 million, just 1.2 million from the three-year low hit on January 30, according to the note. If Tesla continues to gain and hits $450 per share, the total number of shares shorted could dip below 20 million shares, Dusaniwsky wrote.
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