asset management company Bailie Gifford reduced its exposure to electric vehicle manufacturers Tesla Inc TSLAvideo streaming company Netflix Inc NFLXof India Tata Motors Limited TTM in the first quarter and opened a new position in video game developer Roblox Corp RBLXShow regulatory filings.
Tesla load: Baillie Gifford, a 110-year-old investment firm and an early investor in Tesla, sold 985,761 shares of the Elon Musk-led electric vehicle maker in the first quarter of 2022, decreasing its stake in the company by 9.12% sequentially.
The Scottish company has posted profits with Tesla in recent quarters. As of the end of April, the company still owns about 9.8 million shares, or about 0.94% of Tesla’s total outstanding shares, according to Benzinga Pro.
The investment firm first bought 2.3 million Tesla shares in early 2013 when EV stock was trading below $8.
Tesla shares, up 1.97% in the first quarter, closed at $1,077.6 per share on March 31. The stock is down 27.8% year-to-date to $865.65 at Friday’s close.
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Trimmed Netflix, Bought Roblox: Baillie Gifford sold 115,347 Netflix shares, reducing its exposure to the online video streaming company by 1.5%.
Netflix announced last month that it lost 200,000 users in the first quarter and also gave grim forecasts for the rest of the year.
The investment firm still owns 7.7 million shares of Netflix as of March 31.
Netflix shares fell 36.2% to $374.60 in the first quarter ended March 31. The stock is now down 69.7% year-to-date.
The wealth management firm opened a new position in Roblox, buying 7.8 million shares.
Roblox shares closed at $27.81 on Friday, down 71.8% year-to-date. At the end of the first quarter, shares closed 53.2% lower at $46.24.
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Tata engines: Baillie Gifford more than halved its stake in India’s Tata Motors, selling 4.88 million shares in the quarter. Exposure to the auto company was reduced by 46% compared to the last quarter.
Tata Motors shares fell 12.9% to $27.9 in the first quarter and are down 18.5% so far this year.