T. Rowe Price reports it held a 10.2% stake in Tesla (TSLA -2.6%) as of September 30 after snapping up about 6.6M shares net during Q3 to end with 17.4M shares on the books.
The mutual fund company's filing at the end of Q2 indicated a position of 6.4% in the EV automaker after it was a net seller of ~3.7M shares during that quarter.
The buying action out of T. Rowe Price may be considered a surprise to some due to the anticipation that institutional investors weaned their holdings amid Elon Musk's Q3 antics. In related news to that vein of thought, Tesla holder Baillie Gifford disclosed an 11% stake in NIO (NYSE:NIO) yesterday, a development called significant by some analysts in viewing where they think the smart money may be landing.
Bloomberg reports that the 10.2% position makes T. Rowe Price the second largest Tesla institutional shareholder behind Fidelity.
Tesla moved off its session low following the T. Rowe Price filing and is swapping hands at right around $257.
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