Deutsche Bank Boosts Tesla Stake by 20.8% to over $2.6 billion
Deutsche Bank AG has significantly increased its position in Tesla (NASDAQ: TSLA), boosting its stake by 20.8% in the first quarter.
The German banking giant now owns 10,076,461 Tesla shares, an additional 1,733,531 shares compared to the previous quarter, valued at roughly $2.61 billion.
A top holding
As noted in a report from MarketBeat, Tesla now represents about 1% of Deutsche Bank’s overall investment portfolio, making it the firm’s 13th-largest holding. This also means that Deutsche Bank now owns 0.31% of the electric vehicle maker, at least as of its most recent SEC filing.
Tesla shares are typically volatile, and they are still being traded actively, with an average trading volume of 104.7 million. As of writing, Tesla has a market capitalization of around $1.11 trillion, making it the biggest automaker in the world by far.
Institutional investors
Deutsche Bank is not the only firm that has been increasing its stake in TSLA. Charles Schwab Investment Management raised its Tesla holdings by 4.9% in Q1, resulting in the firm now controlling over 18.17 million shares worth $4.71 billion. Evolution Wealth Advisors also increased its Tesla stake by 85.7% to over 13,000 shares.
Overall, institutional support for Tesla remains robust, with 66.2% of the company’s stock held by hedge funds and other large investors.
TSLA stock has been seeing some momentum as of late, amidst reports that the electric vehicle maker is making progress in several of its key initiatives. Tesla’s Robotaxi business in Austin and the Bay Area is expanding well, and Elon Musk recently announced that FSD V14 should be released soon to consumers. Tesla China is also expected to launch the Model Y L, a six-seat extended wheelbase version of its best-selling car, before the end of the third quarter.
The post Deutsche Bank Boosts Tesla Stake by 20.8% to over $2.6 billion appeared first on TESLARATI.
Source: https://www.teslarati.com/deutsche-bank-boosts-tesla-stake-by-20-8-percent/
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