Renaissance Technologies has increased its Tesla (NASDAQ: TSLA) stake by 217% over the past three months, indicating confidence in the manufacturer.
Renaissance Technologies has filed a 13F-HR form disclosing ownership of 827,381 shares of Tesla Inc. with total holdings valued at $552,633,000 as of March 31, 2021. Renaissance Technologies had filed a previous 13F-HR on February 10, 2021, disclosing 260,875 shares of Tesla at a value of $184,092,000. This represents a change in shares of 217.16 percent and a change in the value of 200.19 percent during the quarter.
Tesla continues to show strong quarterly results, which gives investors confidence in it. The company is expected to launch two new factories in 2021, significantly increasing its production capacity. Tesla is also continuing to develop its battery business, which will give it a very large competitive edge. In addition, the company is improving its Full Self-Driving (FSD), striving to make its vehicles fully autonomous. This will open the way for super-profits, thanks to both the sale of FSD and its subscriptions, and the opportunity to launch the Robotaxi network.
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