Tesla (TSLA) sees dramatic investment hike from Alaska Department of Revenue



Tesla (NASDAQ:TSLA) investments from Alaska’s Department of Revenue, which gathers and invests public funds, radically rose in the fourth quarter of 2020. The transactions were disclosed by the agency in a type it filed with the US Securities and Exchange Commission.

The Alaska Department of Revenue, which managed $8.8 billion value of US-traded funds as of December 31, opted to maximize its TSLA holdings because it decreased its investments in companies including Intel, Gilead Sciences, and Qualcomm. In general, the agency bought 124,654 TSLA stocks at Q4 2020, pushing its entire holdings in the electric vehicle maker to 126,754 shares in total. 

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This implies that prior to its TSLA buys in Q4, the Alaska Department of Revenue simply held about 2,100 shares of the electric vehicle maker. 

Tesla inventory had an extremely powerful run in 2020, together with the firm doubling almost twice in price. This was triggered by a series of consecutive profitable quarters that made Tesla qualified for inclusion into the S&P 500 indicator. Tesla was formally added to the prestigious index at the end of the year. 

The new year largely saw Tesla after this momentum, with the electric vehicle maker up 17.1percent in the first two trading months of 2021. The S&P 500, compared, has climbed 16.3percent in 2020 and approximately 0.3percent this year so far. 

Tesla ended 2020 by accomplishing its goal of generating and delivering half a million vehicles in 1 year. Bearing this in mind, speculations among TSLA bulls imply that the electric vehicle maker might be looking at another profitable quarter. These speculations will be put to the test shortly, since the electric vehicle maker will hold its Q4 2020 earnings predict after markets close on January 27, 2021. 

Disclaimer: I am long TSLA.

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