Photo: @_mm85
Tesla’s stock has been a hot topic for its explosive growth in the past few years, and a new update shows that one of Canada’s largest commercial banks is now going in on the company’s shares.
The publicly-traded National Bank of Canada (it’s not related to the government of Canada) purchased $600 million worth of Tesla shares, in addition to 7,250 Put options valued at $1,002, according to a filing dated January 24, as shared by Eletric Vehicles (via @Sawyer Merritt).
The bank’s move to purchase Tesla shares, including put options, accounts for 567,413 shares of Tesla at the $1,002 share price, representing a total of around $600 million.
The 13F SEC filing was first shared by Marcel Münch (@_mm85), and also revealed the National Bank of Canada also purchased 633,607 shares of Chinese electric vehicle maker, NIO, at a price of $36.67 USD, worth $20 million USD.
The move also comes just days before Tesla’s Q4 earnings call meeting on Wednesday, for which the automaker has already begun accepting questions.
More Tesla Cybertruck Images Leak, Revealing Interior Displays, Yoke Steering Wheel https://t.co/zI8zONSy2b
— TeslaNorth.com (@RealTeslaNorth) January 25, 2022
Earlier this month, several analysts raised their price targets on Tesla, following the company’s impressive Q4 as well as its record deliveries in 2021.
Last month, Wedbush also announced a new bull price target on Tesla of $1,800, citing the automaker’s expected growth in 2022, following Tesla’s most prolific sales and revenue year yet.
At the time of writing, Tesla’s shares are trading at $909.90 (-$21.36), down 2.3 percent from Tuesday’s market open.
