I shorted 6000 shares today at an average PPS of 47.95. The Prices to Sales ratio on this stock is approaching 24 which is stretched. On a technical basis this stock presents a shorting opportunity.
Float: 30.3 million
Short % of Float: 22.5% or 6.8 million
Price today went past 48 and did not go parabolic but thank you for the lesson pacific_marine.
OMG never short Elon Musk. This is looking more like Tesla everyday. Maybe one more dip before he buys in and then it's off to the moon. Cult stock. Technicals do not apply here.
OMG the short% is 22.5%???? I didn't see that. This is exactly what happened to TSLA when I got in at range $45.00-$60.00 When they blew out earnings, and finally turned profitable, it launched. The high short interest becomes the rocket fuel. As for valuation, give that up. This is a momentum stock now, so using normal fundamental analysis to justify your trades will cause a lot of pain. Just sayin, as I have seen this movie before! Be careful-That's a beefy position.
Absolutely correct....except short interest as of 9/30 was 32% or 6,843,688 shares and not 22.5% as you stated.......just pointing out that this will ignite a short covering one of these days.....
Sentiment: Strong Buy
I am a trader and have no emotional attachment to any stock. I covered all 6000 shares at an average of 47.97. For me that is a good short trade but I will be back to short SCTY again. This stock may not trade on fundamentals but to me paying $24 for every $1 of sales is irrational. I will be looking for another shorting opportunity around 48.55 next week.