Valeo Financial Advisors increased its holdings in Tesla by over 6,000% after buying more than 3.7 million shares between April and June, a new SEC filing showed.
The Indiana-based firm closed the second quarter of the year holding 3,835,924 shares, up from only 61,144 shares on March 31.
Based on Thursday’s closing price, the stake is valued at nearly $1.27 billion.
As of Thursday, Tesla was owned by 4,043 institutional shareholders who collectively hold about 1.56 billion shares, according to Nasdaq.
By the end of the first quarter, Tesla‘s largest institutions were Vanguard, BlackRock and State Street Corp, with over 100 million shares held each.
Tesla reported its second quarter financial earnings on Wednesday. The results came in line with Wall Street expectations on both revenue and earnings per share, despite weaker vehicle sales and pricing pressures.
As Elon Musk warned that the company “probably could have a few rough quarters” as US incentives are set to expire on September 30, the company’s shares tumbled on Thursday’s pre-market session.
In the latest filing, Valeo also reported it held 11,926 shares in the EV maker Lucid Motors, having increased its stake by nearly 10% from the previous quarter.
In Irvine-based automaker Rivian, the firm had a stake of 18,061 shares, after slightly trimming its position by 2.5% between April and June
Valeo reached its highest position in the automaker a year ago, when it held 35,649 shares valued at $478,000. Since then, the company has successively cut its stake.
The company also has a small stake in Chinese EV maker Nio, which was cut by 63.4% in the April—June period. As of the end of the second quarter, the firm held 11,512 shares, which are valued at $39,000.
Valeo used to have a position in Guangzhou-based XPeng for about a year. In the third quarter of 2020, it acquired 4,500 shares. However, after slashing its holdings to 300 shares in the following quarter, Valeo closed its position in the automaker in mid-2021.
As of the time of writing, Tesla is trading 6.2% lower at $312.04. The stock has surged 54% over the past twelve months, despite being down 17.7% year to date.
