Tesla Motors Inc (NASDAQ:TSLA) saw three insiders selling their shares within one month, decreasing their holdings more than 10%. Tesla insiders are offloading stock again after a gap of almost four months since November 2013. Over the past 30 days three insiders have sold Tesla shares and no insider has added shares in the same period. Tesla has an insider ownership of 35.30%, according to a report from Seeking Alpha.

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3 insiders selling Tesla shares

Vice President Jerome Guillen sold 8,000 shares on April 28, and currently owns 2,537 shares and 5,569 options. He dropped his ownership by 49.7%. Gregory Reichow, vice president sold 13,000 shares on April 28th and is left with 41 shares and 35,092 options. CFO Deepak Ahuja sold 10,000 shares and at present holds 3,151 shares and 39,773 options.

Over the past 30 days, 31,000 shares have been sold by the insiders under Rule 10b5-1. Back in November 2013, 93,942 shares of Tesla Motors Inc (NASDAQ:TSLA) a tranche of shares were sold by insiders. From December 2013 to March 2014, no insiders sold or bought shares. There have been 1,266,721 shares sold and 1,084,129 shares purchased by insiders since January 2013.

Tesla cult following intact

On April 14th, Tesla Motors Inc (NASDAQ:TSLA) was the most shorted stock in the NASDAQ100, but it soon recovered from the dip and is currently trading in a stable range. Tesla shares have not dipped below $190 over the last 30 days, even though short interest has been rising. The stock surged on April 22 after CEO Elon Musk delivered the first Model S sedans to Chinese customers.

Those shorting the stock are going by the fundamentals, but analysts suggest that short selling the stock at this level might be dangerous even though the fundamentals are in the bears’ favor. Tesla Motors Inc (NASDAQ:TSLA) stock dipped due to a sell-off triggered in the momentum stocks and not due to a decline in the automaker’s cult following. According to some market watchers, value stocks are becoming more popular compared to momentum stocks.

The electronic car maker expects to sell 35,000 Model S cars in 2014, and its first quarter production is anticipated to come in at 7,400 units.

At 11.34 am EDT today, Tesla Motors Inc (NASDAQ:TSLA) shares were up 2.58% to $213.31.