Cars and Drivers

Short Sellers Still Pulling Back From Tesla, Most Other EV Makers 

Paul Ausick

Published: February 25, 2021 9:54 am

Short interest moves among automaker stocks were mostly lower during the two-week reporting period that ended on February 12. Of the companies we watch, short interest decreased on five of six electric vehicle (EV) makers and rose on one of the traditional carmakers.

Tesla Inc. (NYSE: TSLA) saw short interest fall by 9% for the latest two-week period. Short sellers held 47.7 million shares (about 6.2% of Tesla’s total float). Days to cover remained at two, and the share price decreased by about 2.9% in the reporting period. The stock’s 52-week trading range is $70.10 to $900.40 (split-adjusted), and it traded above $730 early Thursday.

Nikola Corp.’s (NASDAQ: NKLA) short interest dropped by 17% in the two weeks to February 12. About 32.1 million shares were short, representing about 21% of the company’s total float. Days to cover remained at two. Nikola’s share price fell by about 5.5% during the reporting period, after gaining more than 50% in the month of January. The stock’s post-IPO range is $10.34 to $93.99, and shares traded near $21 Thursday morning. The company is scheduled to report quarterly results after the bell Thursday.

Nio Ltd. (NYSE: NIO) short interest fell by 4% in the latter two weeks of February. About 51.2 million American depositary shares were short, representing about 4.5% of the company’s total float. Days to cover remained at one, and the stock gained 5% during the reporting period. Its 52-week range is $2.11 to $66.99, and shares traded on Thursday at around $50.

Workhorse Group Inc. (NASDAQ: WKHS) had its short interest plunge 27% in those two weeks. Some 18.9 million shares were short, about 16.8% of the total float. The share price rose by about 5.5% in the period, and the stock traded below $16 on Thursday morning. Its 52-week range is $1.32 to $42.96. Note that Workhorse stock dropped more than 50% on Tuesday after the U.S. Postal Service announced that the contract for new delivery vans went to a competitor.

Li Auto Inc.’s (NASDAQ: LI) short interest plummeted by 36% in the period. About 14 million American depositary shares were short, representing about 2% of the China-based company’s total float. The share price slipped by about 1.2% in the period. The post-IPO range is $14.31 to $47.70, and shares traded above $28 on Thursday, after reported fourth-quarter and full-year revenue were better and per-share losses per share were smaller than expected.

The Xpeng Inc. (NYSE: XPEV) short interest totaled 26.3 million shares, up about 10% in the two-week reporting period. Short sellers held about 5.6% of the company’s total float. Shares fell by nearly 2.7% in the two weeks and traded at shy of $38 on Thursday morning, in a post-IPO range of $17.11 to $74.49.

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General Motors Co. (NYSE: GM) short interest increased by 13% in the reporting period. About 20 million GM shares were short, or about 1.5% of the company’s float. Days to cover remained at one. Shares added about 5.8% in the period and were trading on Wednesday near $52. The 52-week range is $14.33 to $57.05.

Ford Motor Co. (NYSE: F) short interest was essentially unchanged at 75.8 million shares, or about 2% of the total float. Days to cover remained at one. The stock price rose by 8.7% in the two-week reporting period, and shares traded above $12 early Thursday, in a 52-week range of $3.96 to $12.40. That new high was posted Wednesday.