Tesla Motors Inc (NASDAQ:TSLA) is the most shorted stock on the Nasdaq 100, according to research firm Markit Economics. The research firm told CNBC that U.S. technology stocks have witnessed a spike in investors betting against them since the beginning of this year. Markit Economics calculates short interest by calculating the number of shares on loan.

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Analysts are still in love with Tesla

In fact, short interest in the Nasdaq Composite has spiked by 10% year-to-date to 2.9% of the total shares outstanding. Investors expect even some of the biggest heavyweights in the technology sector to tumble. Markit Economics research analyst Simon Colvin said that short interest in Tesla Motors Inc (NASDAQ:TSLA) has jumped by a third since last month to 15% of its outstanding shares. At one point in December, Tesla had seen short interest surge to 37.5% of the float.

Last month, Tesla Motors Inc (NASDAQ:TSLA) was the 4th-most shorted stock on the Nasdaq 100. The electric vehicle maker has become the darling of Wall Street. The stock has gained about 369% over the past 12 months. Shares rose to an all-time high of $254 in early March after the announcement of the $5 billion Gigafactory, and impressive Model S sales. Since then, shares have fallen 20% to around $204. But analysts are still in love with the stock, with an average recommendation of a Buy rating, with an average price target of $226.

Tesla’s 50- and 200-day moving averages provide solid support

Tesla Motors Inc (NASDAQ:TSLA) stock was hit by a heavy selloff in momentum stocks over the past few weeks that pulled down the Nasdaq Composite below 4,000 for the first time since the beginning of February. The Nasdaq Composite index fell 3.1% last week, its worst weekly performance since June 2012. Tesla has sustained a good uptrend despite the recent selloff. The 200- and 50-day moving averages at $179 and $229 levels act as strong support. Once the sell-off is over, it should start moving upward once again. Markit said Plug Power Inc (NASDAQ:PLUG) is another favorite of short sellers.

Tesla Motors Inc (NASDAQ:TSLA) shares were down 0.41% to $202.95 at 9:57 AM EDT on Monday.