Top Tesla Inc investors Fidelity Investments and T. Rowe Price cut their holdings in the second quarter and indicated they were taking profits from the electric car maker stock, which is up 65 per cent this year.

Sellers included Fidelity funds like Fidelity OTC Portfolio , which sold 1.62 million shares, or 43 percent of its position during the quarter, as well as funds managed by T. Rowe Price Group, including T. Rowe Price Growth Stock Fund, which sold 1.33 million shares during the quarter or 48 percent of its position, recent securities filings show.

On Aug. 3 alone Tesla shares rose more than 6 percent as its quarterly earnings report fueled expectations its new Model 3 sedan would help turn the Palo Alto, California company into a mainstream carmaker.

A quarterly commentary posted on Fidelity’s website for OTC Portfolio called Tesla a “market darling” that was the top contributor to the fund’s returns but noted some concerns.

About a fifth of the shares available for trading, or float, has been sold short by investors betting the stock will fall, according to S3 Partners, a financial analytics firm.