Tesla’s (NASDAQ:TSLA) stock is down about 65% year-to-date. However, the weakness in the price of this EV (Electric Vehicle) maker has led investors and hedge fund managers to accumulate its stock. Recently, Bloomberg reported that retail investors in South Korea and the U.S. continued to Buy TSLA stock. Further, Cathie Wood of ARK Innovation Fund (NYSEARCA:ARKK) has picked up more TSLA shares.
According to our tool that tracks hedge fund activity, hedge fund managers maintain a positive outlook on TSLA stock. In three months, Hedge funds have acquired 1.1M Tesla stock. Meanwhile, 4.2% of the retail investors who hold portfolios on TipRanks have bought Tesla stock in the last 30 days.
However, insiders, including Tesla CEO Elon Musk, have sold shares worth $7.5B in the last three months.
What Is the Prediction for TSLA Stock?
Tesla stock is under pressure for various reasons, including production challenges, macro weakness, increased competition, and Musk’s Twitter buyout. Nevertheless, 19 Wall Street analysts continue to show faith in TSLA stock and recommend a Buy. Moreover, it has received 10 Holds and two Sells. Overall, it has a Moderate Buy consensus rating.
Wall Street analysts have an average price target of $264.27 on TSLA stock, implying 116.93% upside potential. Meanwhile, it scores a seven on TipRanks’ Smart Score system, indicating a Neutral outlook.
Special end-of-year offer: Access TipRanks Premium tools for an all-time low price! Click to learn more.
