It looks like Tesla skeptics are running out of juice.
Traders betting against Tesla are growing tired of losing money
Tesla short sellers look to be losing steam as they pare bearish positions ahead of the company's second-quarter earnings report.
Traders are paring bearish bets against the company heading into the company's second-quarter earnings report, due after the closing bell on Wednesday.
This is not to say that Tesla is totally in the clear — after all, it's still the most-shorted company in the US market. What it does indicate, however, is that Tesla shorters may be growing tired of constantly losing money, and don't want to leave themselves vulnerable to a stock spike, should the company crush profit forecasts.
Short interest on Tesla —
50% year-to-date, which could explain why Tesla remains such a heavily shorted stock when compared to the broader market.
The high short interest is also at least partially due to the changing nature of
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng