Deutsche Bank (DB) made a notable move in the first quarter by increasing its stake in EV maker Tesla (TSLA) by 20.8%. As a result, the bank now holds 10,076,461 Tesla shares, which is up by 1,733,531 shares from the prior quarter. According to MarketBeat, Tesla now accounts for around 1% of Deutsche Bank’s total investment portfolio and ranks as its 13th-largest holding. Furthermore, based on the latest SEC filing, the bank owns roughly 0.31% of Tesla.
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It is also worth noting that Tesla’s stock is highly active, with an average daily trading volume of 104.7 million shares. This shows that it remains an appealing stock among investors despite its well-known volatility. In fact, Deutsche Bank is not alone in upping its position, as Charles Schwab Investment Management (SCHW) increased its Tesla holdings by 4.9% in Q1 to bring its total to over 18.17 million shares.
Therefore, institutional support for Tesla remains strong, with hedge funds and large investors collectively holding about 66.2% of the company’s stock. Interestingly, recent momentum in TSLA shares has been fueled by developments across several key areas. Indeed, Tesla’s Robotaxi operations in Austin and the Bay Area are expanding, and CEO Elon Musk announced that an upgraded FSD system will soon be released to consumers. In addition, Tesla China is preparing to launch the Model Y L, which is a six-seat version of its top-selling SUV with an extended wheelbase, before the close of the third quarter.
What Is the Prediction for Tesla Stock?
Turning to Wall Street, analysts have a Hold consensus rating on TSLA stock based on 14 Buys, 15 Holds, and eight Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average TSLA price target of $307.23 per share implies 9.9% downside risk.
