'When it flushes, it’s going to flush hard.”
Left, the legendary short seller behind Citron Research, is back at shorting Tesla Inc. TSLA, -18.61% stock, which on Tuesday rose nearly 14% to close at a record $887.06, its sixth straight session of gains.
We love $TSLA and promised never to be short again. BUT when the computers start driving the market, we believe even Elon would short the stock here if he was a fund manager. This is no longer about the technology, it has become the new Wall St casino. According to financial technology and analytics firm S3, the number of Tesla shares shorted have decreased by 1.37 million shares, or 5.30%, over the past month as the stock had risen nearly 50%. Over the past week, shorts have declined by 651,000 shares, or 2.6%.
Tesla stock has hit high-water marks that stretch back to December, most recently fueled by a blockbuster quarterly earnings beat and the company’s promise it would sell more than half a million cars in 2020.Analysts at Wedbush, led by Dan Ives, called the Tesla rally “a parabolic run for the Wall Street history books” in a note Tuesday. The “bull party” will likely continue in part thanks to “very strong” production and demand in China, they said.
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