Tesla rallies as large investors double down ahead of earnings

Tesla (NASDAQ:TSLA) gained 3.07% in late morning trading on Friday with some of the usual suspects pounding the table on the upside for the stock.

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Notable Tesla (TSLA) investor Leo KoGuan disclosed on Twitter that he is still snapping up shares of the electric vehicle stock, despite voicing some concerns in December over the company having “no working CEO.”

Leo KoGuan, who is the third-largest known individual shareholder in Tesla, said he has self funded $1B in Tesla (TSLA) buybacks since last year and added another 200K shares on Friday. He said he plans to buy 1M shares on January 27, which will follow the Tesla Q4 earnings report by two day. Tesla has a daily average volume of over 122M shares, so the 1M buy is not likely to be a significant share price mover.

Of course, Cathie Wood and ARK Invest have also been huge buyers of Tesla in January with over 800K shares snapped up through January 19. The EV stock is the third largest holding in the ARK Innovation ETF (NYSEARCA:ARKK) and the top holding in the ARK Autonomous Technology & Robotics ETF (ARKQ).

Another long-time Tesla (TSLA) is Wedbush Securities, which released a survey that looks like a positive read for demand. The firm’s survey indicated that 76% of electric vehicle Chinese consumers are considering buying a Tesla this year. That buyer interest mark led all automakers, including local players BYD (OTCPK:BYDDF) and Nio (NIO). Wedbush has an Outperform rating on TSLA and price target of $175.

The Seeking Alpha article engine is running hot with new breakdowns on Tesla just ahead of earnings.

Tesla: Looking Beyond A Likely Q4 Disappointment by SA author Cavenagh Research.

Tesla: Price Slump And Margin Hit by SA author by Jonathan Weber.

Tesla: Examining The Price Cuts by SA author Bill Maurer.

Now read: NIO: Beijing Sends A Message

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