Tesla Inc (NASDAQ:TSLA) shares traded down another 2.1% to US$269.49 overnight, continuing their descent from around US$380 in early December 2018.
With many Australian based fund managers now running international equities portfolios, Tesla Inc is very much in play, both as a long and as a short.
A number of long-short portfolio managers in Australia have revealed Tesla Inc as being in their short portfolio, including L1 Long Short Fund Ltd (ASX:LSF).
It has been a painful stock in short portfolios but over the past three months, the stock has been in steady decline, rewarding those short.
The stock bounced off around $250 twice in 2018
Shares in Tesla hit their all-time high of $389.61 in September 2017 and bounced around the $300s until late-March early-April 2018.
The stock dropped off during that period and consolidated for three days between $244 and $266.
Shares proceeded to run back up to around $370 in June 2018 and nearly made a new all-time high in August 2018 when they hit $387.
Once again, the stock was tested in October 2018 when it spent around two weeks trading between $247 and $282, but again it rallied.
Tesla shares were back at $379 in December 2018 and once again they have fallen back making this an interesting coming period for the stock.