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Tesla (TSLA-US) was officially included in the S&P 500 index, but its debut was not very attractive.
Tesla fell 6.5% on Monday to close at $ 649.86. Investors who previously expected stocks to be included in the S&P 500 index took advantage of this to collect, and Apple (AAPL-US) will promote its own production of electric cars. After the news broke, it fell to an intraday low.
Tesla’s weight in the S&P 500 index is 1.69%, ranking fifth largest and sixth by market capitalization (Alphabet’s stock categories are included in the calculation).
Tesla has performed well this year and its inclusion in the S&P 500 Index is a historic event. Under the leadership of Elon Musk, the demand for electric vehicles has increased day by day and Tesla has made gains for 5 consecutive quarters. Excluding Monday, Tesla’s share price so far this year has skyrocketed by more than 730%, bringing its market value to more than $ 658 billion (S&P Dow Jones uses a market value adjusted to float, not a direct amount).
Tesla’s inclusion in this index is the most influential and possibly the most dramatic in history.
Investors (including passive fund managers and active managers using the S&P 500 as a benchmark) rushed to grab Tesla stock in the last period before the listing. Last Friday, Tesla was up nearly 6% and closed. The highest point in history is US $ 695 per share, and the daily trading volume exceeds 200 million shares, which is 4 times the 30-day average trading volume.
However, traders believe that speculators are also short-term trading in Tesla shares, so they can pull out on the day of formal listing. Many investors also believe that Tesla’s stock price is perfectly priced, and there is no catalyst until the end of the year, and it may be vulnerable to sale.
Reuters reported Monday afternoon that Apple (AAPL-US) is aiming to produce a vehicle that can contain “next-level” battery technology by 2024.
Tesla’s transaction price is 186 times the estimated price-to-earnings ratio, making it the most expensive component of the S&P 500 in history, but its influence on the value of the S&P 500 is even less than many people expected. . Howard Silverblatt, an analyst at the S&P Dow Jones Advanced Index, said the S&P 500’s P / E ratio for 2021 only increased from 22.3 to 22.6.
At the same time, Silverblatt noted that because Tesla does not pay dividends, the dividend yield of the S&P 500 has fallen from 1.56% to 1.53%.
In terms of the performance of the S&P 500, high-growth stocks can boost the indicator. Every time Tesla’s stock price moves $ 11.11, the S&P 500 will change by 1 basis point.
Goldman Sachs previously estimated that if Tesla is a constituent stock for the full year, the total revenue of the S&P 500 will increase by 2%. The S&P 500 is up about 14% so far this year.
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