This fund run by a SAC Capital alum bought restaurant stocks amid the pandemic
Prentice Capital Management was up 6.6% for the first four months of the year, compared to the S&P 500's 9.3% decline and the Russell 2000's 21.1% decline. The HFRX Equity Hedge Index was down 9.4% for the quarter. Q1 2020 hedge fund letters, conferences and more Gross and net exposures In his first-quarter letter to […]
Tesla Motors Inc (NASDAQ:TSLA) shares passed $100 for the first time, and the stock just keeps rising. As of this writing, it was up more than 8 percent. But can the company keep it up? CEO Elon Musk certainly has a solid record with a long string of wins in recent months.
Tesla Motors’ Good News Keeps Coming
One of the items that’s behind today’s increase is a field trip to Tesla’s California manufacturing facility taken by Goldman Sachs analysts. Tesla Motors Inc (NASDAQ:TSLA) said it envisions selling about 500,000 units over the next couple of years, including 200,000 units of its Generation 3 sedan; 150,000 units of its Generation 3 SUV; 90,000 units of its Model S / X vehicles and also the next generation Roadster. Another important note from that field trip is the indication of strong demand for Tesla’s vehicles in the Nordic region, Germany and China.
Another big contributor to Tesla’s rise today is the company’s announcement that it was planning to expand its charger network. Musk said earlier this month that Tesla’s supercharger expansion would be pushed back to this week. The expansion makes easier for consumers who could afford a Tesla Model S to purchase one if the company invests in a charging station in their area.
Short Sellers Squeezed By Tesla Motors
Shares of Tesla Motors Inc (NASDAQ:TSLA) have tripled this year so far, and short sellers are starting to feel the squeeze. Bloomberg Businessweek’s Roben Farzad reports that about 20 percent of the company’s float was short. That short interest has been cut in half in a little over a month as investors who were short moved to cover themselves.
Tesla Motors Founder’s Fortune Grows
Meanwhile Tesla Motors Inc (NASDAQ:TSLA) co-founder and CEO Musk has watched his net worth rise along with the value of Tesla. CNN Money’s James O’Toole reports that his fortune has grown by $2.9 billion, thanks to Tesla Motors Inc (NASDAQ:TSLA)’s growth and also the growth of SolarCity Corp (NASDAQ:SCTY), another company Musk heads and which also continued to rise today. This quote from Dan Zanger seems accurate: “Never short a stock founded by Elon Musk.”