Cars and Drivers

Short Sellers Pulling Out of EV Stocks as Share Prices React to Meme Buying

Paul Ausick

Published: June 25, 2021 8:49 am

Last Updated: June 25, 2021 9:16 am

Short interest moves among automakers’ stocks were mostly down during the two-week reporting period that ended on June 15.  Of the companies we watch, short interest decreased on six of seven electric vehicle makers while increasing by more than 10% on one of the traditional carmakers. Share price moves on the nine stocks trended higher during the two-week period with six of the EV makers posting increases. All nine stocks were trading in the green in Friday’s premarket session.

Tesla Inc. (NYSE: TSLA) short interest dipped by 2% during the latest two-week period. Short sales total 39.36 million shares (about 5.1%) of Tesla’s total float. It would take two days for short sellers to cover their positions — the same as the previous period — and the share price slipped by about 4.1% in the two-week reporting period. The stock’s 52-week range is $189.70 to $900.40 and it closed at $679.82 on Thursday. Shares were trading up by about 1.3% in Friday’s premarket session.

Nikola Corp. (NASDAQ: NKLA) short interest tumbled by 22% in the two-weeks period through June 15. About 43.15 million shares are short, representing approximately 25% of the company’s total float. Nikola’s share price rose by 4.3% during the reporting period, and the stock currently trades up about 19.5% year to date. The stock’s 52-week range is $9.37 to $73.65 and shares closed at $18.24 on Thursday. The stock traded nearly flat Friday morning.  Days to cover slipped from five to four.

Nio Ltd. (NYSE: NIO) short interest decreased by 12% in the two-week period ending June 15. About 62 million American Depository Shares are short, representing about 4.8% of the company’s total float. The stock’s 52-week range is $6.71 to $66.99, and shares closed Thursday at $45.46. Days to cover remained at one. The stock traded up by less than 1% Friday morning after rising by nearly 17% during the two-week reporting period.

Lordstown Motors Corp. (NASDAQ: RIDE) short interest tumbled by 27% in the two weeks trough June 15. Days to cover remained at two. Short sales account for almost 23% of the company’s total float, and shares closed Thursday at $10.98 in a 52-week range of $6.69 to $31.80. Shares traded up by less than 1% in Friday’s premarket. Lordstown’s stock price rose by about 4.1% in the two-week period after spiking 35% higher on a run at short sellers by retail investors.

Workhorse Group Inc. (NASDAQ: WKHS) short interest dropped by 11% in the two-week period. Some 40.75 million shares are now short, about 36% of the total float. The share price soared by 51% in the two-week period, again thanks to a short squeeze attack. Days to cover dropped from six to one due to average daily share volume rising by more than five times. The stock closed at $15.49 on Thursday and traded up by about 0.5% Friday morning. The stock’s 52-week range is $7.07 to $42.96.

Li Auto Inc. (NASDAQ: LI) short interest rose by 13% in the two-week period. About 34.64 million ADSes are short, representing about 4.8% of the China-based company’s total float. The share price jumped by 21% in the period, and days to cover rose from two to three. The post-IPO range is $14.31 to $47.70, and shares closed at $30.68 on Thursday. Shares traded up by less than 1% Friday morning.

Xpeng Inc. (NYSE: XPEV) short interest totaled 23.3 million shares last week, falling by 14% in the two-week reporting period. Short sellers hold about 5.4% of the company’s total float. The share price added 25% in the two weeks and closed at $40.95 on Thursday in a post-IPO range of $17.11 to $74.49. The stock traded up by about 1% Friday morning.

General Motors Co. (NYSE: GM) short interest rose by 12% in the reporting period ended June 15. About 19.8 million GM shares are short, or about 1.4% of the company’s float. Days to cover rose to two. The stock price rose by about 2.5% in the period and closed Thursday at $60.04. The 52-week range is $23.33 to $64.30, and shares traded up by less than 1% Friday morning.

Ford Motor Co. (NYSE: F) short interest slipped by 1% to 70.56 million shares, or 1.8% of the total float. Days to cover remained at one. The stock price increased by 3.2% in the two-week reporting period, and shares closed at $15.261 on Thursday in a 52-week range of $5.74 to $16.45. Shares traded up by less than 1% Friday morning.