They don't need to have a "hedge".
They can short PLS and be long something else in market, doesn't need to be a lithium stock (Long market beta).
What you are talking about is pairs trading, not a lot of hedge funds use that strategy, much smaller part of the market.
Good News & Bad News, page-40892
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 (20min delay)
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Last
$3.91 |
Change
0.010(0.26%) |
Mkt cap ! $11.69B | |||
| Open | High | Low | Value | Volume |
| $3.91 | $3.92 | $3.87 | $7.541M | 1.938M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 46 | 125500 | $3.90 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.91 | 118484 | 47 |
View Market Depth
| Last trade - 11.12am 28/05/2024 (20 minute delay) ? |
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Last
$3.90 |
Change
0.010 ( 0.02 %) |
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| Open | High | Low | Volume | ||
| $3.92 | $3.92 | $3.86 | 675099 | ||
| Last updated 11.28am 28/05/2024 ? | |||||
| PLS (ASX) Chart |