Analysts at Satori, a prominent hedge fund, said on the social media platform X that while they covered shorts in Tesla (NASDAQ:TSLA) and Apple (NASDAQ:AAPL), they are still “looking to reshort higher.”
Tesla shares are trading in a continued downtrend in recent weeks after the company reported weaker-than-expected deliveries and results for the third quarter.
Tesla stock is down nearly 20% in October, although it is unclear when the analysts opened their shorts. On Thursday, the stock hit its lowest levels in five months.
Apple has also been moving lower, although not in as strong a downtrend as Tesla.
Elsewhere, the analysts said their fund owns Microsoft (NASDAQ:MSFT) and Nvidia (NASDAQ:NVDA) for AI exposure, while their Amazon (NASDAQ:AMZN) position is still open due to “surging profits.”
They sold Alphabet (NASDAQ:GOOGL) and have no position in Meta Platforms (NASDAQ:META), although they are looking for an opportunity to buy this internet stock.
“Our risk management principle is to sell when wrong on fundamentals, especially if we had a consensus view. Sold half AMC & rest today. Valuation is reasonable & Olympics/elections should help ad rev in 2024 but out for now,” the analysts said on Google.