Following two consecutive quarters of net outflows, Q3 is on track to be the first quarter since 2020 to have net inflows of Tesla stock into institutions.
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Currently, Q3 has seen $3.35 billion worth of Tesla stock purchased and $795 million worth sold for a net inflow of $2.55 billion. The first half of 2021 experienced strong selling by institutions. H1 saw $129 billion of Tesla stock outflows from institutions with only $22.6 billion purchased. As a result, there were $106 billion in net outflows of Tesla stock from institutions.
Notable buyers in Q3 include Swiss National Bank, Los Angeles Capital Management LLC, Nikko Asset Management Americas Inc., and DekaBank Deutsche Girozentrale. The aforementioned institutions increased their holdings quarter-over-quarter by 7.4%, 3.6%, 28.3%, and 52.5% respectively. Nikko Asset Management Americas Inc. was the largest purchaser out of these names. Nikko has increased its holding of Tesla stock by nearly 450,000 shares. This addition increases Tesla’s weight in their portfolio to 5%.
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A Notable Seller in August
On August 5th, Cathie Wood’s flagship fund, ARKK, sold 144,200 shares of Tesla stock near $714. This sale follows her purchase on July 7th of 110,731 shares at ~$644 of Tesla stock. Solely considering the 110,731 shares purchased in July, Ark Invest profited ~$7.75 million from this trade. Despite the overall net outflow of Tesla shares from July 7th to August 5th, ARKK’s weighted exposure has increased from 9.9% to 10.2%.
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Disclosure: Brennan Ertl is long TSLA stock & derivatives.