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ALIBABA GROUP HOLDING

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Alibaba : Tesla short sellers trim exposure but stay the course

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08/13/2018 | 10:02pm EDT

SAN FRANCISCO (Reuters) - Short sellers betting against Tesla Inc trimmed their exposure to the electric car maker's stock on Monday after Chief Executive Elon Musk gave new information about his proposal to take the company private.

Data showed traders continuing to reduce bets against Tesla after short interest on Friday dipped to 26.9 percent of the company's float, the lowest since June, according to S3 Partners, a financial analytics firm.

"I'm seeing a little bit of covering, but it's not indicative of a change in conviction. It's more just people cutting a little fat off their trades," said Ihor Dusaniwsky, head of research at S3 Partners in New York.

Short interest in Tesla was equivalent to 27.2 percent of its float a week ago, before Musk shocked investors by saying on Twitter he was considering taking Tesla private at $420 a share and that funding was "secured," sending its stock sharply higher.

At $12.2 billion in short bets, Tesla remains the most shorted company in the United States, while globally, it is second only to Alibaba, at $24.3 billion, according to S3 Partners.

In a blog post, Musk said on Monday he was in talks with potential backers of a possible Tesla buyout, including Saudi Arabia's sovereign wealth fund, but had not completed securing the funding.

Investors have voiced doubts about Musk's ability to pull off what could be the largest-ever go-private transaction, valued at as much as $72 billion.

Tesla attracts extreme opinions on Wall Street. Mutual fund companies including Fidelity are confident of Musk's vision, while most analysts are skeptical about the stock's valuation and Tesla's ability to compete with larger rivals. On Twitter, Musk has repeatedly taunted short sellers.

“I think Tesla is in deep trouble, and he’s throwing a Hail Mary to see if he can get out of it,” said Vilas Capital Management Chief Executive John Thompson, who has a short position in Tesla.

Short-sellers borrow shares they believe are overpriced, sell them, and then repurchase shares later at what they hope will be a lower price to make a profit.

Musk's tweet on Tuesday about taking Tesla private is under scrutiny by the U.S. Securities and Exchange Commission, according to the Wall Street Journal, and is the subject of investor lawsuits.

Tesla's stock rose 0.26 percent on Monday to $356.41. It is up 4 percent over the past week and is about 15 percent below Musk's go-private price of $420.

(Reporting by Noel Randewich in San Francisco, additional reporting by Kate Duguid in New York; Editing by Cynthia Osterman and Susan Thomas)

By Noel Randewich

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING 3.50% 165.51 Delayed Quote.16.66%
TESLA -0.13% 224.74 Delayed Quote.-32.38%
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Financials (CNY)
Sales 2020 504 B
EBIT 2020 132 B
Net income 2020 81 927 M
Finance 2020 207 B
Yield 2020 -
P/E ratio 2020 35,09
P/E ratio 2021 25,19
EV / Sales 2020 5,09x
EV / Sales 2021 3,70x
Capitalization 2 773 B
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Mean consensus BUY
Number of Analysts 48
Average target price 1 476  CNY
Spread / Average Target 39%
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Managers
NameTitle
Yong Zhang Chief Executive Officer & Director
John Michael Evans President & Director
Yun Ma Executive Chairman
Wei Wu Chief Financial Officer
Jian Feng Zhang Chief Technology Officer
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