Swedish savers fled Tesla this summer

Swedish savers got rid of Tesla more than any other share during the month of July. There seems to be a hesitation around Tesla going forward, says Frida Bratt, savings economist at Nordnet.

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Swedish savers fled Tesla this summer
Photo: Janerik Henriksson/TT

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Tesla's valuation fell after the quarterly report on July 23, which showed lower profits than expected. But the stock was heavily sold by Nordnet's and Avanza's savers earlier.

Mainly, it was because the stock had gone so well lately. They simply secured their profit. At the same time, savers do not seem entirely convinced that new low-price models and self-driving robot taxis will really give a "Tesla turnaround" and make the valuation go up.

Buying companies that have fallen

Despite the sales, Tesla is still the favorite stock on the New York Stock Exchange for both Avanza's and Nordnet's customers, with 79,000 and 57,000 owners, respectively.

When savers sold the electric car giant, they instead invested in Investor. No surprise, as the Wallenberg family's investment company usually tops the list of Swedes' favorite stocks. Next in line were Saab and Evolution.

A trend we can see is that savers are trying to take advantage of buying stocks that have fallen during the reporting period. We see this both in Evolution, which fell after its report, and Axfood, which was among the most traded stocks.

Shift to small companies in sight

Although savers heavily sold Tesla, it did not affect the other American tech giants, the so-called "magnificent seven".

Frida Bratt, however, sees signs that more small savers are starting to move away from big tech and instead invest their money in smaller companies in the near future.

We have started to see a sector rotation. Smaller and medium-sized companies have begun to perform better than the large tech companies that have driven the stock market in the USA. This could also influence savers' choices going forward.

Nordnet

Most bought:

Investor B

Saab B

Evolution

Nibe industrier B

Volvo B

Most sold:

1. Tesla

2. Resurs Holding

3. Essity B

4. OX2

5. Kindred Group

Avanza

Most bought

1. Investor B

2. Evolution

3. Saab B

4. Volvo B

5. Rheinmetall AG

Most sold

1. Tesla

2. Handelsbanken A

3. Swedbank A

4. Telia Company

5. Calliditas Therapeutics

Source: Nordnet and Avanza.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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