Sometimes it’s best to avoid the crowd, especially at this time of year. The busy streets and shops, the packed bars and cafes, the queues to sit on Santa’s knee.
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But, in the world of investing following the crowd can have its advantages. Sure, being a lone-wolf trading genius has its advantages, but also its risks.
Crowd Wisdom
Investors can also use the wisdom of the crowd through a TipRanks tool we creatively call ‘Crowd Wisdom.’ Let’s see what it shows for those investors deliberating the prospects of EV giant Tesla (TSLA).
We base this data on sentiment and activity around the stock in 830,602 investor portfolios. It shows that over the last 30 days the number of portfolios holding Tesla stock is up 2.2%. However, over the last 7 days it is down 0.1%.
It’s been another interesting period for Tesla stock as the company is hit by concerns over falling EV sales, concerns that it is overvalued and divergent opinions about cief executive Elon Musk’s $1 trillion pay package.
Positive Sentiment
Despite that, investor sentiment in the recent quarter is described as being positive. Some of the most positive have been people in the under 35 age bracket with a 5.3% increase in holdings and those over 55 with a 2.6% rise. Those between 35 and 55, who represent half of all Tesla investors, have recorded a 2.3% rise.
TipRanks data also shows what Tesla investors bought over the last 7 and 30 days. Top of the list is Shopify (SHOP), followed by Walt Disney (DIS). CVS Health (CVS) and Ford Motor (F).
Is TSLA a Good Stock to Buy Now?
On TipRanks, TSLA has a Hold consensus based on 13 Buy, 11 Hold and 10 Sell ratings. Its highest price target is $600. TSLA stock’s consensus price target is $383.04, implying a 14.56% downside.
