Hedge funds are once again targeting Qantas, driving short bets against the airline back to multi-year highs even as it attempts to repair its fractious relationship with customers and move on from regulatory troubles.

Earlier this month, the number of Qantas shares held by short sellers – who profit when the share price falls – hit 2.7 per cent of the airline’s public float, amounting to a $270 million bet against the stock.