Investors load up on $500M worth of tesla stocks
Tesla’s deliveries in Q3 2022 fell short of analysts’ expectations, data showed on Monday, with TSLA stock closing down 8.6%.
Despite the volatility, retail Tesla investors actually increased their purchases of TSLA stock.
Tweet on tesla stock
Tesla retail investors load up on $500M worth of TSLA stocks in last 5 days of trading!
Despite the volatility, retail investors actually increased their purchases of TSLA@Tesla stock closed down 8.6% as the news on twitter deal emerged via @business https://t.co/8Gu4SaGGfC— The_Journalbiz (@the_journalbiz) October 5, 2022
Invetsors keep piling on Tesla stock, source:Bloomberg
According to a report from Vanda Research, net purchases of TSLA stock by retail investors reached about $500 million in the last five trading days alone.
This suggested that retail TSLA investors were largely unaffected by the Street’s disappointment at Tesla’s Q3 2022 vehicle delivery figures, and they may even consider the recent volatility as a buying opportunity.
“Retail demand is pivotal for a sustained outperformance of the EV company,” Marco Iachini and Giacomo Pierantoni of Vanda Research wrote in a note. Vanda also noted that Tesla, just like Apple, are among the favorites of retail investors, who are “over-exposed to mega caps,” according to Bloomberg News.
Although Tesla stock has been volatile this year, it has generally performed better than other mega-cap technology stocks. Tesla shares are down 29% this year so far, but the NYSE FANG+ Index has seen a more notable 34% decline.
