Tesla Motors (TSLA) Short Interest Drops 8.25 percent in October

Recent short interest data for the 10/31/2014 settlement date shows a decrease in short interest for shares of Tesla Motors, Inc. (TSLA). As of October 31, the quantity of stock shares that investors have sold short for the electric car maker totaled 20,946,314 shares, as compared to 22,829,442 shares since October 15, a decline of 8.25%. Average daily volume [AVM] for the same period fell by 2,206,292 to 5,559,589 shares from 7,765,881 shares. It is worth mentioning that ticker’s short interest has declined by more than 5.8M shares, or 21.69%, from the 4/30/2014 settlement date.

Based on the latest AVM, the days-to-cover ratio — a metric that includes both the total shares short and the average daily volume of shares traded — is currently 3.77 days. Days-to-cover for TSLA increased to 3.77 for the October 31 settlement date, as compared to 2.94 days at the October 15 report.

Recently, a number of Wall Street firms have assigned a rating to the stock. Analysts at Ascendiant Capital initiated coverage with a ‘Buy’ rating and a $320 price target in a research note on October 30th. MLV & Co analysts started coverage of the stock, assigning a ‘Buy’ rating and $300 price target in a research note to clients on October 16th. Finally, analysts at Tigress Financial initiated coverage on Tesla with a ‘Neutral’ in a research note on October 8th. Overall, there are 8 analysts that rate TSLA a ‘Buy’, 5 that rate it a ‘Hold’ and rating it ‘Underperform’. No analyst rates it a ‘Sell’. TSLA has a median Wall Street price target of $300.00 with a high target of $400.00.

Ticker has a beta of 1.38 and a short float of 21.71%. In the past 12 months, shares of Palo Alto, California-based auto maker have traded between a low of $116.10 and a high of $291.42. Shares are up 87.99% year-over-year, and 71.96% year-to-date. Since its 2010 initial public offering priced at $17 a share, TSLA has risen about 1,247 percent to about $241.70 as of Friday’s close.

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