Tesla (NASDAQ:TSLA) investments from Alaska’s Department of Revenue, which collects and invests public funds, dramatically rose in the fourth quarter of 2020. The trades were disclosed by the agency in a form it recently filed with the US Securities and Exchange Commission.
The Alaska Department of Revenue, which managed $8.8 billion worth of US-traded assets as of December 31, opted to increase its TSLA holdings as it reduced its investments in companies like Intel, Gilead Sciences, and Qualcomm. Overall, the agency purchased 124,654 TSLA shares in Q4 2020, pushing its total holdings in the electric car maker to 126,754 shares in total.
This suggests that prior to its TSLA purchases in Q4, the Alaska Department of Revenue only held about 2,100 shares of the electric car maker.
Tesla stock had an extremely successful run in 2020, with the company surging nearly nine times in price. This was propelled by a series of consecutive profitable quarters that made Tesla eligible for inclusion into the S&P 500 index. Tesla was formally added to the esteemed index at the end of the year.
The new year largely saw Tesla following this momentum, with the electric car maker up 17.1% in the first two trading weeks of 2021. The S&P 500, in comparison, has risen 16.3% in 2020 and about 0.3% this year so far.
Tesla ended 2020 by accomplishing its goal of producing and delivering half a million vehicles in one year. With this in mind, speculations among TSLA bulls suggest that the electric car maker could be looking at yet another profitable quarter. These speculations would be put to the test soon, as the electric car maker will hold its Q4 2020 earnings call after markets close on January 27, 2021.