Investors raised their short bets against various solar stocks and electric vehicle charging companies as the stock market breaks down. Rapidly rising rates are raising fears of a recession, sending the stock market lower. Hedge funds, in turn, are raising their bets against stocks they feel are particularly vulnerable in a downturn. The S & P 500 is teetering in correction territory, down more than 9% from its closing high earlier this year.
Investors also increased their bets against several electric vehicle charging and alternative power names. Short interest in ChargePoint increased 23% to roughly 91 million shares, while short interest in Plug Power rose 9% to 139 million shares. Short interest reached about 32% and 26% of the float in both of those companies, respectively.