Shares in heating technology company Nibe plunged by 13 percent following the release of its quarterly report last Friday. The results were largely in line with expectations and even slightly exceeded forecasts in terms of operating margin. However, the full-year outlook was revised downward.
Asset managers interviewed by Dagens industri stated that the decline was primarily driven by significant share sales from hedge funds.
According to these sources, many hedge funds had taken long positions in Nibe ahead of the report, hoping the company would deliver a positive surprise. However, the report did not meet investors' expectations, prompting hedge funds to offload a substantial number of shares.
