Short Sellers Remain Wary of EV Stocks

Cars and Drivers

Published: July 13, 2021 8:56 am

Short interest moves among automakers’ stocks were mostly downward during the two-week reporting period that ended on June 30. Of the companies we watch, short interest decreased on five of seven electric vehicle (EV) makers while dropping on both 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.

Tesla Inc. (NYSE: TSLA) short interest slipped by 2% during the latest period. Short sales totaled 34.1 million shares (about 4.4%) of Tesla’s total float. Days to cover remained at two, and the share price rose by 13.4% in the reporting period. The stock’s 52-week range is $273.00 to $900.40, and it closed at $685.70 on Monday. Shares traded up by about 1% in Tuesday’s premarket session.

Nikola Corp.’s (NASDAQ: NKLA) short interest increased by 2.5% in the final two weeks of June. About 44.22 million shares were short, representing approximately 25.2% of the company’s total float. Days to cover remained at four. The share price rose by nearly 16% during the reporting period, and the stock currently trades down about 1.4% for the year to date. Its 52-week range is $9.37 to $55.60 and shares closed at $15.05 on Monday. The stock traded flat Tuesday morning.

Nio Inc. (NYSE: NIO) saw its short interest increase by about 0.6% in the two-week period. About 62.35 million American depositary shares (ADS) were short, representing about 4.8% of the company’s total float. Days to cover rose from one to two. The stock’s 52-week range is $10.46 to $66.99, and shares closed on Monday at $46.34. The stock traded up by less than 1% Tuesday morning, after rising by nearly 18% during the two-week reporting period.

Lordstown Motors Corp. (NASDAQ: RIDE) short interest jumped by 19.5% in the period. Days to cover rose from two to three. Short sales accounted for 29.9% of the company’s total float, and shares closed Monday at $8.86, in a 52-week range of $6.69 to $31.80. They traded up by less than 1% in Tuesday’s premarket. Lordstown’s stock price rose by about 7.3% between the settlement dates.

Workhorse Group Inc. (NASDAQ: WKHS) had short interest drop by about 3.3% in the two-week period. Some 39.42 million shares were short, or about 3.8% of the total float. Days to cover rose from one to two. The share price jumped by more than 17% in the short interest period. The stock closed at $12.79 on Monday and traded down by nearly 2% Tuesday morning. Its 52-week range is $7.07 to $42.96.

Li Auto Inc.’s (NASDAQ: LI) short interest fell by 8.6% in the two-week period. About 31.65 million ADSs were short, representing about 4.4% of the China-based company’s total float. The share price jumped by nearly 24% in the period, and days to cover remained at three. The post-IPO trading range is $14.31 to $47.70, and the stock closed at $32.81 on Monday. It traded up by less than 1% Tuesday morning.

Xpeng Inc. (NYSE: XPEV) short interest totaled 22.86 million shares on June 30, falling by 1.9% in the reporting period. Short sellers held about 3.9% of the company’s total float. The share price added 10.6% in the two weeks and closed at $39.80 on Monday, in a post-IPO range of $17.11 to $74.49. The stock traded up by less than 1% Tuesday morning.

Short interest at General Motors Co. (NYSE: GM) tumbled by 6.7% in the reporting period ended June 30. About 18.5 million GM shares were short, or about 1.3% of the company’s float. Days to cover remained at two. The stock price slipped by about 2.7% in the period, and it closed Monday at $58.97. The 52-week range is $24.44 to $64.30, and shares traded up by less than 1% Tuesday morning.

And Ford Motor Co. (NYSE: F) short interest plunged by 99.9% to 51.1 million shares or 1.66% of the total float. Days to cover rose from one to two. The stock price dipped by 0.9% in the two-week reporting period, and shares closed at $14.61 on Monday, in a 52-week range of $6.08 to $16.45. Shares traded flat early Tuesday.