The S&P 500 and Nasdaq have risen for six trading days in a row. The broad market index has also closed at a record high for five consecutive trading days – the longest since November 2021.
Even if the market rises, there are several shares that can fall, and is the data about short interest reveals which stocks are the most shorted on Wall Street.
Here are the names of these heavily shorted stocks:
Several major short candidates
The American car brand Fisker has a huge short interest which increased 12 percent just since the new year.
Now over 50 percent of the shares traded on the US stock exchange are shorted.
The electric car manufacturer has more than halved so far this year, and this is after a drop of almost 80 percent in 2023. Fisker has struggled to meet delivery targets and cut its production guidance at the end of the year. This has brought Fisker’s share price below $1.
Lucid Group, another electric car maker, saw short interest increase to about 29 percent of the float. The share has plunged close to 40 percent so far this year.
The Vietnamese electric car manufacturer VinFast Auto is also a favorite short target. Short interest rose 12 per cent to close to 30 per cent of the shares.
VinFast delivered fewer cars than the target in 2023 due to market challenges and slow electric car sales in some regions. The company said it saw an increase in deliveries in the fourth quarter of 2023 compared to previous quarters.
Companies that make auto parts, including Luminar Technologies and Atmus Filtration, also saw an increase in short interest. Luminar is down nearly 20 percent this year, even after gaining more than 23 percent this week. On Thursday, Goldman Sachs lowered its target to $2 from $3 and maintained its sell recommendation.
2024-01-27 16:55:57
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