Investing.com - A considerable number of hedge funds that had bet against Tesla Inc (NASDAQ:TSLA) may now be facing potential losses, following a surprising rally in the electric vehicle manufacturer's shares.
According to Hazeltree, a data provider, approximately 18% of over 500 hedge funds had a short position on Tesla at the end of June, marking the highest percentage in over a year. This was a significant increase from just under 15% at the end of March.
This turn of events comes on the heels of Tesla's recent vehicle sales results, which revealed second-quarter deliveries surpassing average analyst estimates, despite a drop in sales.
This news sparked investor enthusiasm, pushing Tesla's shares to a six-month high and causing a surge of approximately 40% in Tesla's share price since the beginning of June.
Warning shot!
