Tesla shares up 16 pct after better-than-expected quarterly report

Anca Alexe 03/08/2018 | 13:18

Tesla Inc’s shares had a 16 percent spike on Thursday, a day after the company’s unexpectedly positive quarterly resport, according to Reuters. Financial analytics firm S3 Partners say short-sellers had USD 1.7 billion in losses on the day.

Short-sellers try to profit by selling borrowed shares, hoping to buy them back later at a lower price, and Tesla is the most shorted US stock, due to its tendency to burn through cash and the difficulties it’s had to turn a profit. Yesterday’s losses pushed this year’s Tesla short-sellers’ performance USD 1.4 billion into the red – a day earlier, they had been up USD 276 million for the year.

Tesla shares surged by USD 48.7 to USD 349.54, a day after the company said it would produce its new Model 3 at a profit, after output had stabilized in the previous weeks.

BR Magazine | Latest Issue

Download PDF: Business Review Magazine June II 2024 Issue

The June II 2024 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Mihaela Bitu, ING Bank Romania: Banking makes dreams come true”. To
Anca Alexe | 28/06/2024 | 12:25
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue