Short Sellers Pull Back From BYD Ahead of Likely Record Quarter
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Short sellers are backing off from BYD Co. shares, with the Chinese electric vehicle maker tipped to report higher quarterly revenue than Tesla Inc. for the first time ever.
Short interest as a percentage of free float in BYD’s Hong Kong-listed shares dropped to 0.9% as of Friday from a high of 7.7% earlier this year, according to S&P Global Inc. data. Bearish bets are now near the lowest level since July 2022. In the options world, the cost of hedging against declines in the shares also slipped.