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Short sellers are piling into company
Traders have grown increasingly bearish on Tesla since the company missed its 2016 deliveries target.
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Data compiled by S3 Partners shows short interest now makes up more than 35% of the float, or shares available to the public, and that it would take 8.23 days for shorts to cover those positions.
On January 3, Tesla announced its 2016 deliveries totaled 76,230, well below the 80,000 to 90,000 that Wall Street was expecting.
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Additionally, Tesla has been burning cash at a somewhat worrying rate. While the company managed to end 2016 with $1.2 billion of cash, it's something that Wall Street continues to pay close attention to.
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