Tesla stock price rising despite layoffs & hiring freeze in Q1 2023

Despite Tesla ( $Tesla(TSLA.US)$ ) going to let go employees in Q1 2023 and also implementing a new hiring freeze (*1), that does not stop its shares rising.

Some of the reasons for the recent stock price rise may include the following ones:

1. More people are buying Tesla EVs as they will qualify for the $7500 tax credits. This also means that less people will go for other EVs such as Ford Motor ( $Ford Motor(F.US)$ ) and General Motor ( $General Motors(GM.US)$ ) EVs (*2). That's could also be the reason why some big fund is buying more Tesla stocks and selling other EVs stocks (*3).

2. EPS estimates by analysts have increased from 0.885 in Q3 2022 to 1.047 for Q4 2022.

For Mooers who would like to diversify their investment and lower the risk of buying individual stocks, they may get funds such as the $Allianz Global Artificial Intelligence(LU1548497426.MF)$ Fund, which Tesla is the second position in the fund that covers 5.62% of the total position. The fund also invests in various equities that focus on the evolution of artificial intelligence, such as ON Semiconductor ( $ON Semiconductor(ON.US)$ ), Marvell Technology ( $Marvell Technology(MRVL.US)$ ), Broadcom ( $Broadcom(AVGO.US)$ ) and Deere ( $Deere(DE.US)$ ).

Another fund worth mentioning is the $BNP Paribas Funds Consumer Innovators Fund(LU0823411888.MF)$ , which Tesla cover 5.3% of the total position. The fund also invests in various equities that benefit from secular consumer growth trends, such as Home Depot ( $Home Depot(HD.US)$ ), Booking Holdings ( $Booking Holdings(BKNG.US)$ ) and Target ( $Target(TGT.US)$ ).

Also, Mooers can trade ETFs such as the $ProShares Ultra Consumer Staples(UGE.US)$ ETF, $Consumer Discretionary Select Sector SPDR Fund(XLY.US)$ ETF and $ARK Autonomous Technology & Robotics ETF(ARKQ.US)$ ETF. Tesla is around 10% to 20% of the total position for the mentioned ETFs, and these ETFs also have positions in various stocks such as Procter & Gamble ( $Procter & Gamble(PG.US)$ ), Coca-Cola ( $Coca-Cola(KO.US)$ ), McDonald ( $McDonald's(MCD.US)$ ), Lowe's Companies ( $Lowe's Companies(LOW.US)$ ), Trimble ( $Trimble(TRMB.US)$ ) and Iridium Communications ( $Iridium Communications(IRDM.US)$ ).

Both Funds and ETFs can be found on the $Futu Holdings Ltd(FUTU.US)$ MooMoo platform.

Hmm... I wonder how many Tesla stocks did Mooers have in Q1 2023?

We have come to the end of today's topic. Remember to show your support by follow, like, share and comment on this post and as always, don't forget to DYODD (Do your own due diligence) when making any kind of investment. Thank you and wish all a Happy Lunisolar New Year 2023.

References:

*1: Tesla to freeze hiring, lay off employees next quarter - Electrek

*2: Why Tesla Stock Is Heating Up Again

*3: Giant Fund Buys Up Tesla and Plug Power Stock, Sells GM

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