Hedge funds changed their minds about Tesla stock in time and took advantage of the soar of the electric car maker .
Fantastic rise in stocks
According to Jefferies, hedge funds counted, that electric car maker shares were undervalued in August, despite the fact that paper was shorted back in July. In July, the company held one of the largest short positions among hedge funds.
- Tesla reached a market capitalization this week of $1 trillion after the news about, what Hertz $ HTZZ orders 100 thousand cars to create its own electric car rental fleet by the end 2022 of the year.
Stocks jumped more than 40 %, extending its three-month streak of gains amid strong selling and bullish analysts' forecasts.
Earlier this month, celebrity investor Michael Burry of Short Games" quoth, that he no longer shorts Tesla.
Tesla has grown by more than 30% over the past month Tesla has grown by more than 30% for the last month
According to applications, Burry, who earned during the mortgage crisis 2008 of the year, Owned 10 755 Tesla contracts at the end of the second quarter.
The future belongs to electric vehicles
According to Jefferies, hedge funds have also been bullish on chip giant AMD lately.
Earlier this week, the company reported third-quarter earnings and revenues., which exceeded analysts' expectations. AMD also provided a strong outlook for the fourth quarter.
His sales jumped by 54 % during the quarter due to high demand for chips for servers and game consoles.
