Swedish Savers Sell Tesla Shares after Price Rally
Electric car manufacturer Tesla's impressive share price rally over the past week has led to widespread selling among Swedish savers, according to Nordnet's savings economist Frida Bratt.
The share has risen by more than 20 per cent in the past week and more than 40 per cent in the past month, mainly thanks to strong delivery figures for the second quarter. This sharp rise has created selling pressure in the share among both Swedish and Nordic investors, according to Nordnet.
"Despite the recovery after the Q2 delivery report, there is uncertainty around Tesla from the perspective of Swedish savers,’ says Bratt. She also notes that Tesla's valuation as a growth company has been questioned as profits have fallen .
"Many are taking profits now that the stock has rallied, which seems to be the result of a short squeeze where covering short positions has contributed to the rally ", avslutar Bratt.
