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Citron Research, an influential short seller and fervent critic of Tesla, reversed his position with regard to the electric car manufacturer. The flip-flop, which Citron Research described in a research note Tuesday, boosted Tesla's stock by 12.7 percent to close at $ 294.14.
The research note titled "Lemon overturns the opinion of Tesla." The story has become too compelling to be ignored, she explains, Tesla's position is long because "Model 3 has made its evidence and many early warning signs of the TSLA have not proved significant. "
Potential investors short positions on a stock bet that the badet will lose value Founded by Andrew Left, Citron Research is a Tesla's "short" reliable and often vocal voice, a position it has been loyal to for years. "Almost five years ago, Left claimed that several electric vehicles with a range of over 200 km would be on the market before Model 3. In March 2016, Citron announced in a tweet that he was expecting Tesla's stock price to reach $ 100 per share by the end of the year.
Lemon (also called Left) now indicates that model sales e 3 as well as the continuing demand for the S model have changed mentality.
"Tesla seems to be the only company that can actually produce and sell electric cars," according to the note. "If you had shown the graph below five years ago, we would never have believed that. It looks like it's the competition that takes the Ambien. "(CEO Elon Musk tweeted about taking Ambien.)
A tweet from Citron Research Tuesday also warned that Tesla's decision to publish its results on Wednesday" could be a bad sign for shorts. "
$ TSLA the drop in earnings above $ F tomorrow could be a bad sign for the shorts. After reviewing all the recent information on $ TSLA dominating its categories, Lemon is LONG Telsa for the quarter. Full Report https://t.co/eZLSbtL0kg
– Citron Research (@CitronResearch) 23 October 2018
Even with this sudden change to a long position, Left said in the note that the company is "Still suing Musk and Tesla and this recent report has no bearing on the ongoing lawsuit." Left sues Tesla for violating securities laws because Musk's famous tweets became confidential in August.
Tesla was faced with headwinds, including volatile stock prices, "production hell" and later, hell of logistics / delivery with model 3, as well as a complaint for securities fraud and subsequent settlement agreement between CEO Elon Musk and the US Securities and Exchange Commission. There has been a steady stream of senior leadership departures and worker safety issues at his plant.
At the same time, Tesla still has very few competitors, if you look at a comparable price and battery life. And sales continue to rise, indicating that all the drama around Tesla has not had an impact on demand.
The Chevy Bolt, an all-electric sedan producing an EPA estimated at 238 miles with a single charge, went on sale at the end of 2016. And although it was the first all-electric electric vehicle of a price Under $ 50,000, which can deliver more than 200 miles of EPA-compliant power, sales have plateaued and dropped 17 percent since the beginning of 2018, GM said in early October.
The newest competitor of the 100% electric luxury clbad with the introduction of I-Pace, whose base price is $ 69,500 and an estimated EPA range of 234 miles. The first I-Pace deliveries are just coming into the water. The waiting continues, especially for the Audi e-tron, a 5-seat electric SUV that can accommodate five people and starting at $ 74,800.
Model 3, which offers a base price of $ 45,000 for a new rear The mid-range variant with drive wheels that has a range of 260 km (260 miles) is isolated.
And Citron Research has been conquered, at least for the moment.
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