Hundreds of Investment Firms Added Tesla TSLA Shares in Q3 2021

by Eva Fox November 16, 2021

Hundreds of Investment Firms Added Tesla TSLA Shares in Q3 2021

Photo: Auto Evolution

Hundreds of hedge funds and asset management companies added a stake in Tesla (NASDAQ: TSLAin Q3 2021. Analysts expect the manufacturer to perform well this year, which has already been confirmed by strong performance for most of the year.

Renaissance Technologies, Aristides Capital and Adage Capital Partners were among the major U.S. hedge funds to increase their stake or take new positions in Tesla last quarter, just ahead of the October rally, Reuters reported. As a result of the rally, the company's market value exceeded $1 trillion—the first time in history any automaker entered the trillion club.

According to a filing with the SEC, Renaissance added just over 610,000 Tesla shares, nearly quadrupling its stake. Adage added a new position of 42,800 shares. Aristides added a new position of 8,500 shares. The data shows that overall, in the third quarter of 2021, 211 hedge funds and asset management companies added new positions in Tesla.

The disclosures by each fund occurred in the SEC reports at the end of the quarter, so it does not specify whether the firms have retained these positions to date. Tesla shares closed at $1,013.39 on Monday, up nearly 31% from their September 30 level of $775.

Tesla shares rose 43.5% in October. This increase in value is attributed in part to the announcement of an order for 100,000 Tesla vehicles, with a likely expansion, from rental car company Hertz.

An analyst at Morningstar Seth Goldstein said that even with the recent selloff in shares, “We still think the market is assuming Tesla becomes a top-five automaker globally in annual vehicles sold and is successful in launching its high-margin autonomous driving software subscription service.”

© 2021, Eva Fox | Tesmanian. All rights reserved.


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Eva Fox holds zero shares of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.

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