Tesla Stock Upgrade Signals Growing Investor Confidence
On October 24, 2024, KGI Securities raised its outlook for Tesla (SNSE:TSLACL) from Neutral to Outperform.
Increasing Fund Interest in Tesla
A total of 4,285 funds and institutions now hold positions in Tesla, marking an increase of 105 owners, or 2.51%, over the last quarter. The average portfolio weight for all funds investing in TSLACL has grown to 0.88%, reflecting a rise of 7.18%. Over the past three months, institutional ownership of Tesla has also expanded by 9.81%, bringing total shares owned to 1,621,591K.
Among the significant shareholders, VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 85,652K shares, which represents 2.68% of Tesla. This is an increase from 85,113K shares in its previous filing, reflecting a growth of 0.63%. The firm also boosted its portfolio allocation in TSLACL by 10.16% last quarter.
Meanwhile, VFINX – Vanguard 500 Index Fund Investor Shares owns 71,212K shares, holding 2.23% ownership in the company. This is up from 69,825K shares previously, an increase of 1.95%. Their portfolio allocation in TSLACL rose by 8.68% over the last quarter.
Geode Capital Management’s holding increased as well; they now own 58,334K shares, which equates to 1.83% of Tesla. Previously, they reported owning 56,909K shares, showcasing a growth of 2.44%. An adjustment of 9.45% in their portfolio allocation in TSLACL was noted last quarter.
Additionally, Capital World Investors increased its holdings to 42,709K shares, or 1.34% ownership, from a previous 39,096K shares, indicating a rise of 8.46%. Their portfolio allocation in TSLACL was raised dramatically by 21.16% in the last quarter.
Lastly, Invesco QQQ Trust, Series 1 now holds 35,997K shares, representing 1.13% of Tesla. This is an increase from the prior 34,985K shares, marking a growth of 2.81%. Their portfolio allocation in TSLACL grew by 4.26% in the last quarter.
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