Tesla short sellers lose more than $4 billion on EV-maker's post-earnings stock rally

Published On Oct 28, 2024, 12:19 PM

Tesla's stock rallied after a strong earnings report, leading to significant losses for short sellers, who lost $4.2 billion in just two days. The stock jumped by 22% on October 24th, marking its best single-day performance in a decade, and continued to rise despite mixed results. Tesla's earnings beat estimates, but revenue was slightly below expectations. Analysts remain generally positive, with many maintaining buy ratings and raising price targets, although there's some cautious sentiment due to the ongoing shift towards AI.

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Stock Forecasts

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Positive

Given Tesla's strong post-earnings performance and the positive outlook from several analysts, it seems likely that the stock will continue to see upward momentum, especially as it focuses on growing its auto business and maintaining profitability while pursuing AI ventures. However, existing concerns and a mixed earnings report may lead to volatility.

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