Tesla Investor Who Significantly Reduced Stake Ready To Buy Back In? Here's What EV Maker Should Do To Win His Confidence
Portfolio Pulse from Shanthi Rexaline
Tesla shares fell over 8% during the week ending July 26, halting an upward trend. Gary Black's Future Fund LLC reduced its Tesla stake from over 5% to 3.55%. Black outlined conditions for increasing his position, including stabilizing auto gross margins, achieving 25%+ volume growth with sub-$30K EVs, and improving full self-driving technology efficacy. The stock may remain range-bound near $200 without significant catalysts, with potential momentum from the Oct. 10 robotaxi event. Concerns include valuation, reliance on regulatory credits, and potential political risks.
July 29, 2024 | 8:24 am
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NEUTRAL IMPACT
Future Fund Active ETF (FFND) has reduced its Tesla stake from over 5% to 3.55%. The ETF's performance may be influenced by Tesla's stock movements, especially if the outlined conditions for increasing the stake are met.
The reduction in Tesla stake by Future Fund Active ETF (FFND) indicates a cautious approach. The ETF's performance may be influenced by Tesla's stock movements, especially if the conditions for increasing the stake are met.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 50
NEUTRAL IMPACT
Tesla shares fell over 8% last week. Gary Black's Future Fund LLC reduced its stake but may increase it if Tesla stabilizes margins, achieves 25%+ volume growth, and improves self-driving tech. The stock may remain range-bound near $200 without significant catalysts, with potential momentum from the Oct. 10 robotaxi event.
The reduction in stake by a significant investor and the outlined conditions for increasing the position indicate a cautious outlook. The stock may remain range-bound near $200 without significant catalysts, but the upcoming Oct. 10 robotaxi event could provide momentum.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100