Who's Holding Tesla Stock Up? Jim Cramer Smells A 'Cathie Wood Imitator' Out There: 'Almost Conspiratorial'

As Tesla, Inc. (NASDAQ:TSLA) shares remain downbeat, CNBC Mad Money host Jim Cramer, who thinks the electric-vehicle giant could be the first to fall out of the “Magnificent Seven,” ended up including it in the list of potential next trillion-dollar companies. But he also suggested the stock might be getting a lift from a mystery buyer. What Happened: On Monday’s Mad Money episode, Cramer noted Tesla’s market capitalization is plateauing around $635 billion. He speculated that a “big portfolio manager” might be buying to stop the stock from falling further, acknowledging the unusual nature of such a move. “It does feel like some big portfolio manager….has decided to make a stand, not letting it to go any lower. I know it sounds strange, but that’s almost conspiratorial, right but that’s how Tesla trades,” he said. “There could be a Cathie Wood imitator out there buying Tesla, not letting it come down, not caring if they get it cheaper, tour de force arrogant buyer.” Jim Cramer on $TSLA: It does feel like there is some big portfolio manager making a stand and not letting it go any lower; There could be a Cathie Wood imitator out there buying." pic.twitter.com/heRkcyNs2Q— Sawyer Merritt (@SawyerMerritt) February 27, 2024 Wood is a Tesla bull, and the EV maker is one of the top holdings of many of Ark’s actively managed exchange-traded funds. Ark resumed Tesla buying in late January as the stock plunged following the company’s double-miss in the fourth quarter. This mystery investor, however, may not be enough to propel Tesla back to a trillion, according to Cramer. He believes the stock might benefit from future new model releases but expresses doubt about reaching the trillion-dollar mark. See Also: Everything You Need To Know About Tesla Stock Why It’s Important: Cramer may not be way off with his comments. Ever since the stock slipped in the aftermath of the company’s third-quarter results in mid-July, it has been trading in a broad range. Since late January, it has been trading mostly below the $200 level. Last week, Nvidia became the most traded stock on Wall Street, replacing Tesla, according to Reuters. Tesla had dominated daily U.S. stock trading since 2020, with turnovers often surpassing $35 billion, according to LSEG data. Tesla’s next big catalyst could be its upcoming deliveries report in early April. Source: Benzinga However, Cramer expresses concerns about Tesla’s ability to outperform expectations given factors like slowing EV adoption, economic uncertainty, and China’s competitive landscape. Analysts have muted expectations for the recently launched Cybertruck, viewing it as a long-term contributor rather than an immediate revenue driver. Tesla bulls, like Gary Black, emphasize the need for advertising and a more affordable EV to boost sales volume. Price Action: Tesla ended Monday’s session up 3.87% to $199.40, according to Benzinga Pro data. Check out more of Benzinga’s Future Of Mobility coverage by following this link. Read Next: Tesla A ‘Partner’ And Not Competition, Says BYD — Chinese Firm Not Eyeing US Market Just Yet Image made via photos on Shutterstock