XOM - ExxonMobil Overtakes Tesla In Becoming The Most Shorted Large-Cap Stock In S&P 500 | Benzinga
In a surprising turn of events, ExxonMobil Corp (NYSE:XOM) has now overtaken Tesla Inc. (NASDAQ:TSLA) to become the most shorted large-cap stock in the S&P 500, according to a recent report by HazelTree.
What Happened: Prior to last month, Tesla had held the title of being the most shorted stock for four consecutive months, as investors anticipated a drop in the company’s share price, as reported by Business Insider.
Using a “Crowdedness Score” to rank short bets, HazelTree has awarded ExxonMobil a score of 99, the highest level, indicating shares shorted by the highest percentage of funds tracked by the firm. Tesla trails slightly behind with a score of 97. The firm’s comprehensive data collection covers 12,000 global equities and over 700 funds.
Short selling is a common practice where ...