Autos

Short Sellers Continue to Pile on 2 Electric Vehicle Makers

Short interest moves among automakers’ stocks were mixed during the two-week reporting period that ended on September 15.  Of the companies we watch, short interest increased on five of six electric vehicle (EV) makers and decreased on both traditional carmakers.

Tesla Inc. (NYSE: TSLA) short sellers increased their positions by 8% during the two-week period to 59.0 million shares, about 8% of the company’s float. Days to cover remained at one. In the short interest period, the stock’s share price declined by 9.7%. Its 52-week range is $44.86 to $502.49 (split-adjusted), and it closed at $387.79 on Thursday, up by nearly 2% for the day.

Nikola Corp.’s (NASDAQ: NKLA) short interest soared by almost 140% in the two weeks to September 15. About 22.9 million shares were short, representing 15.9% of the company’s total float. Days to cover slipped from two to one, and the share price fell by 19.6% during the reporting period. The stock’s post-IPO range is $10.27 to $93.99, and shares closed down 9.7% on Thursday, at $19.10. The company’s founder and executive chair, Trevor Milton, resigned earlier this week following the fallout from a short seller’s report on Nikola.

Nio Ltd. (NYSE: NIO) saw short interest drop by 25% to 63.2 million American depositary shares (ADS). Days to cover remained at one, and 6.5% of the company’s float is now short. The stock’s 52-week range is $1.19 to $21.05, and shares closed Thursday at $17.85. The stock added less than 1% during the two-week reporting period.

Workhorse Group Inc. (NASDAQ: WKHS) short sellers added 6% to their positions in the reporting period ended September 15. Some 22.2 million shares were short, or 23.8% of the company’s total float. Days to cover dropped from two to one. The share price rose by 40% in the two weeks, and the stock closed at $22.13 on Thursday. Its 52-week range is $1.32 to $30.999.

Li Auto Inc.’s (NASDAQ: LI) short interest rose by about 2% in the period. About 10.2 million ADSs were short, representing about 16.5% of the China-based company’s total float. Days to cover rose from one to two, and the share price rose by 11.6% in the period. The post-IPO range is $14.31 to $24.48, and shares closed at $15.09 on Thursday, down about 3.8% for the day.

The Xpeng Inc. (NYSE: XPEV) short interest increased by 141% to 7.3 million ADSs in the company’s first full short interest reporting period since coming public in late August. Shares added about 3% in the two weeks, and they closed at $17.45 on Thursday in a post-IPO range of $17.11 to $25.00, a drop of 5.2% for the day. The low was posted on Thursday.

General Motors Co. (NYSE: GM) short interest declined by 8% in the reporting period ended September 15. About 19.2 million GM shares were short, or about 1.4% of the company’s float. Days to cover remained at two. Shares rose by about 6.6% in the first half of this month and closed Thursday at $29.11, in a 52-week range of $14.33 to $38.96, down about 0.8% for the day.

Ford Motor Co.’s (NYSE: F) short interest declined by 10% to 88.5 million shares, or about 2.3% of the total float. Days to cover rose from one to two. The stock price increased by 3.2% in the reporting period, and shares closed at $6.66 on Thursday, up by about 0.3% for the day. The 52-week trading range is $3.96 to $9.60.