Gordon Johnson of GLJ Research LLC argues competition, low gas prices, and slow growth will drive Tesla stock down.
Tesla CEO Elon Musk has a fan in another billionaire Citadel CEO Ken Griffin.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 725.15 | +19.52 | +2.77% |
The hedge fund disclosed, in an SEC filing late Friday, that it holds a 4.3 percent passive stake in the electric vehicle maker which amounts to 7,864,059 shares as of April 16.
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Month-to-Date Tesla shares have gained 38.4 percent. By comparison, the S&P 500 has risen 9.8 percent and the Nasdaq 12 percent.
TESLA’S ELON MUSK CALLS GOVERNMENT AID TO OIL AND GAS COMPANIES ‘QUESTIONABLE’
The holding makes Citadel the fourth largest institutional shareholder behind The Vanguard Group, Capital Group Investors and Baillie Gifford & Co., as compiled by Thomson One Financial.
KEN GRIFFIN’S CITADEL STARTS CORONAVIRUS AID EFFORTS
Musk remains the largest individual shareholder with an 18.5 stake.
Tesla is set to report its first-quarter 2020 earnings next Wednesday, April 29. It looms as a potential eventful release for the carmaker.
Earlier this month Tesla had its longest winning streak ever — 10 straight days of gains — where the stock price skyrocketed from around $454 to $754 during the period of April 2 to April 17.
For the year to date, Tesla stock is up more than 70 percent.
