Tesla Motors Inc Witnessed Declining Short Interest In June

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Tesla Motors Inc Witnessed Declining Short Interest In June
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Tesla Motors Inc (NASDAQ:TSLA) short interest declined last month totaling to 24,619,265 shares as of June 13th, 2.4% below the May 30th total of 25,231,640 shares. At present, around 28.6% of the company’s stocks are sold short.

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Contributing factors to stock rise

Tesla Motors Inc shares dropped $178 followed by the first quarter results. Since then shares has rebounded more than 30% till last week.  Tesla shares invoked positive sentiments, when the company was sanctioned a deal with the New York to keep selling its vehicle directly to the customers in the state. The company’s “open source movement” also, provided an upside.

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Morgan Stanley analyst Adam Jones, on June 23rd, said that Tesla is “arguably the world’s most important car company,” which also ticked the share up. Component suppliers that were reluctant to sign a pact with Tesla are now standing in a queue. The performance of Model S and its dominance in the electronic vehicle segment has taken automakers by surprise. Jonas said that Tesla has ignited the spirit of innovation in the automobile industry.

At present, the EV manufacturer is considering California, Nevada, Texas, New Mexico and Arizona for its Gigafactory. The factory would employ around 6,000 people. Tesla has started selling its car in Europe and China along with North America. Just few weeks back, Tesla Motors Inc rolled over first right-hand drive model in the UK.

Deliveries a concern for Tesla

Barclays analyst Brain A. Johnson, in a research note on June 23, revealed that the sales number for the first two months of the second quarter are far from impressive. Johnson said that sales of Tesla have to increase significantly in June to meet the company’s second quarter sales target of 7,500 units. The company has delivered 2,400 vehicles in North America and 1,100 units in Europe in the first two months of this quarter.

Many analysts have come out with a verdict on the automaker in recent months. Analysts at Robert W. maintained Positive rating on the stock in a research note to the investors on Friday, June 13th. Morgan Stanley analysts reaffirmed an Overweight rating on Tesla shares with a price target of $320.00, in a research note to the investors on Wednesday, May 28th. Separately, analysts at JP Morgan Chase&Co have reduced the price target on the shares from $164.00 to $163.00 in a research note to the investors on Friday, May 9th.  The company, presently, has a consensus rating of Buy and a consensus target price of $223.06.

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Aman is MBA (Finance) with an experience on both Marketing and Finance side. He has worked as a Risk Analyst for AIR Worldwide, and is currently leading VeRa FinServ, a Financial Research firm. Favorite pastimes include watching science fiction movies, reviewing tech gadgets, playing PC games and cricket. - Email him at amanjain@valuewalk.com
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