TuSimple (NASDAQ:TSP) Shares Down 4.8%

TuSimple Holdings Inc. (NASDAQ:TSP) shares dropped 4.8% during trading on Monday . The stock traded as low as $1.17 and last traded at $1.19. Approximately 1,003,400 shares traded hands during trading, a decline of 55% from the average daily volume of 2,218,011 shares. The stock had previously closed at $1.25.

TuSimple Stock Performance

The company has a 50 day simple moving average of $1.85 and a 200 day simple moving average of $1.71.

Institutional Trading of TuSimple

Several institutional investors and hedge funds have recently added to or reduced their stakes in TSP. Envestnet Asset Management Inc. increased its position in TuSimple by 10.5% during the 1st quarter. Envestnet Asset Management Inc. now owns 17,876 shares of the company’s stock worth $218,000 after purchasing an additional 1,696 shares during the period. MetLife Investment Management LLC acquired a new position in TuSimple in the 1st quarter valued at about $41,000. Ensign Peak Advisors Inc raised its position in shares of TuSimple by 195.5% in the first quarter. Ensign Peak Advisors Inc now owns 5,230 shares of the company’s stock valued at $64,000 after buying an additional 3,460 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of TuSimple by 37.7% during the 1st quarter. Principal Financial Group Inc. now owns 13,152 shares of the company’s stock worth $160,000 after purchasing an additional 3,600 shares during the period. Finally, Captrust Financial Advisors lifted its position in TuSimple by 1,183.8% during the second quarter. Captrust Financial Advisors now owns 4,442 shares of the company’s stock worth $32,000 after buying an additional 4,096 shares during the period. 24.07% of the stock is owned by hedge funds and other institutional investors.

About TuSimple

TuSimple Holdings Inc, an autonomous technology company, develops autonomous technology specifically designed for semi-trucks in the United States and internationally. It intends to produce a line of purpose-built (Level 4) L4 autonomous semi-trucks for the North American market. The company operates its Autonomous Freight Network (AFN) L4 autonomous semi-trucks equipped with its autonomous driving technology.