Retail investors have been flocking to Tesla’s stock this year, spending a net $13.6 billion on Tesla shares since the beginning of the year. Vanda Research, which tracks the company’s share purchases, notes that the figure is rapidly approaching the stock’s $17 billion in net share purchases throughout all of last year, a record sum for the company.
Investor interest in Tesla’s shares have far outweighed those of other securities, and by a wide margin, as pointed out by Giacomo Pierantoni, head of data at Vanda. In the final week of February, the five-day moving average of Tesla’s net one-day purchases from individuals reached around $460 million, says Vanda. The next-most-popular security, the SPDR S&P 500 ETC hadn’t even reached $150 million.
Retail investors and fans of the company have taken every opportunity to support it financially, no matter the stock’s performance. When the company’s share prices took a nosedive last year, investors accelerated purchases and bought the dip. The same can be said of Tesla’s bottom on January 3, and of nearly every other low the automaker’s stock has faced in the last few years.
“Tesla reigns supreme on our platform,” says Webull CEO Anthony Denier. “We’ve seen a huge spike in volume since December.” One investor, Durga Bobba, bought Tesla shares for the first time in December as the company’s stock tumbled. “I saw the stock go to a multiyear low and thought, ‘If I’m ever going to do it, now’s the time,’” Bobba said.
The broad appeal of Tesla’s stock is undeniable, as evidenced by its record number of purchases in the last few years. As the company continues to grow, it’s likely that retail investors will continue to back it in the future.