Apple is now the market’s most shorted stock. If Tesla is an example, that’s bullish.
Apple shareholders need not worry that it’s the most-shorted U.S. stock. A report from short-seller analytics firm S3 Partners said that, after 864 days in which Tesla TSLA, 1.53% was at the top of this list, Apple AAPL, 0.96% has acquired this dubious honor. As of Sept. 14, a total of $18.4 billion worth of Apple shares were sold short, eclipsing Tesla’s total of $17.4 billion. That certainly seems like a lot of money aggressively betting that Apple’s stock will fall.
Tesla is just one data point, of course. The better reason for Apple investors not to worry is that the sheer dollar amount of shares sold short is “pretty meaningless,” said Cordell Eminent Scholar Jay Ritter. He added that he is not currently short Apple but is short Tesla.
Read more insights from Ritter in this story from MarketWatch.