Chevron tops list of most shorted large-cap stocks in August, Hazeltree says

Chevron (CVX) was the most shorted stock in the Americas in August, according to the latest Shortside Crowdedness Report from Hazeltree.

The San Ramon, California-based energy company topped the list as the most crowded security in the large-cap category with a score of 99, moving up from second position in July (97). The Hazeltree Crowdedness Score represents securities that are being shorted by the highest percentage of funds in Hazeltree’s community.

As of Aug 30, traders sold 52.13M shares of CVX short, representing 2.85% of the float.

Tesla (TSLA) was a close second with a score of 97, followed by On Semiconductor (ON), Super Micro Computer (SMCI) and Accenture (ACN), all of which scored 88.

Super Micro (SMCI), which had been the most crowded security in this category in July, dropped to the fourth spot this time but, had the highest institutional supply utilization rate of 31.86% - an indicator of how “hot” a security is in terms of the supply demand dynamic.

SMCI had a short interest of 8.76M shares as of Aug 30, representing 15.66% of the float.

These were the top 10 most shorted securities in the Americas in August 2024, according to Hazeltree:

#1 Chevron (CVX): Hazeltree Crowdedness Score of 99

#2 Tesla (TSLA): Hazeltree Crowdedness Score of 97

#3 On Semiconductor (ON): Hazeltree Crowdedness Score of 88

#4 Super Micro Computer (SMCI): Hazeltree Crowdedness Score of 88

#5 Accenture (ACN): Hazeltree Crowdedness Score of 88

#6 Caterpillar (CAT): Hazeltree Crowdedness Score of 85

#7 Chubb (CB): Hazeltree Crowdedness Score of 85

#8 NextEra Energy (NEE): Hazeltree Crowdedness Score of 85

#9 Goldman Sachs Group (GS): Hazeltree Crowdedness Score of 82

#10 Live Nation Entertainment (LYV): Hazeltree Crowdedness Score of 82