ETFs Are Net Sellers of Tesla (TSLA) on Oct. 20
This article first appeared on GuruFocus.
QQQ led the move, shedding $65.0 million of Tesla (TSLA) on Tuesday as ETFs overall posted $82.2 million in net selling of the stock. More funds traded the other way, with 27 ETFs buying versus 17 selling, but the sellers moved larger amounts. The one-day selling streak follows a $107.1 million net inflow on Oct. 19 and a $91.1 million net outflow on Oct. 16. Over the prior five sessions, ETF flows have alternated between buying and selling.
Track the latest ETF buying and selling trends and search funds in the GuruFocus ETF Screener.
For the full record of ETF and guru buying and selling in TSLA, see the TSLA guru trades page.
Which ETFs sold TSLA on Tuesday?
The largest sellers by dollar value were QQQ ($65.0 million), SPY ($38.4 million) and IVV ($7.9 million). In all, 27 ETFs added shares and 17 cut them.
QQQ accounted for the largest share of the selling, cutting its stake by 0.43% to 39,815,365 shares, followed by SPY at $38.4 million and IVV at $7.9 million. Smaller reductions came from IWY, SSO, IWF, IVW and SPYG. Tesla sits in the Consumer Cyclical sector and the Auto Manufacturers industry, with a market cap of $1.53 trillion.
Have ETFs been buying or selling TSLA lately?
Over the last 5 reported days, ETFs were net buyers on 2 and net sellers on 3, so the recent trend is mostly selling.
What does TSLA do?
Tesla designs, develops, manufactures, sells, and leases fully electric vehicles and energy generation and storage systems, with a strategic focus on bringing artificial intelligence into the real world through autonomous driving and robotics.
Tesla reported $103.62 billion in trailing-12-month revenue, up 11.0% over one year, with gross and net margins of 18.9% and 3.7%. Its P/E stands at 359.17, P/B at 17.57 and P/S at 13.19. The GF Score is 86, and GF Value of $337.29 compares with a price of $386.47. The stock is down 14.06% year to date.