Tesla topped Chevron as most shorted large-cap stock in May, Hazeltree says

Tesla (NASDAQ:TSLA) regained its position as the most shorted large-cap U.S. stock in May, according to a monthly report issued Tuesday by data and tech firm Hazeltree.

The electric vehicle maker was graded 99 on Hazeltree Crowdedness Score, which represents securities that are being shorted by the highest percentage of funds in Hazeltree’s community.

Shares of Tesla (TSLA) have dropped over 30% year-to-date, amid a slowdown in demand and increased competition in the EV market. The company has experienced significant declines in all key metrics, including negative revenue growth and FCF deterioration.

Tesla (TSLA) replaced oil major Chevron (NYSE:CVX), which became the third most crowded security (97) this time. After a strong performance in late 2021 and early 2022, Chevron (CVX) stock has been a relatively poor performer over the past 12-month period, underperforming the broader S&P 500 (SP500) index.

Multiple semiconductor firms, including Microchip Technology (MCHP), Advanced Micro Devices (AMD) and Synopsys (SNPS), joined the ranks as the most crowded large-cap stocks in the Americas last month.

Charter Communications (CHTR) had the highest institutional supply utilization rate of 20.73% - an indicator of how “hot” a security is in terms of the supply-demand dynamic.

These were the top 10 most shorted securities in the Americas in May, according to Hazeltree:

#1 Tesla (TSLA): Hazeltree Crowdedness Score of 99

#2 Microchip Technology (MCHP): Hazeltree Crowdedness Score of 97

#3 Chevron (CVX): Hazeltree Crowdedness Score of 97

#4 Advanced Micro Devices (AMD): Hazeltree Crowdedness Score of 82

#5 Charter Communications (CHTR): Hazeltree Crowdedness Score of 82

#6 Halliburton Company (HAL): Hazeltree Crowdedness Score of 79

#7 T-Mobile US (TMUS): Hazeltree Crowdedness Score of 79

#8 Synopsys (SNPS): Hazeltree Crowdedness Score of 79

#9 Walt Disney (DIS): Hazeltree Crowdedness Score of 79

#10 EQT Corp (EQT): Hazeltree Crowdedness Score of 76

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