Stonnington Group LLC Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

Stonnington Group LLC trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLAGet Rating) by 10.2% during the first quarter, Holdings Channel reports. The fund owned 6,692 shares of the electric vehicle producer’s stock after selling 757 shares during the quarter. Tesla accounts for 1.6% of Stonnington Group LLC’s investment portfolio, making the stock its 12th largest holding. Stonnington Group LLC’s holdings in Tesla were worth $6,531,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its position in shares of Tesla by 4.0% during the fourth quarter. State Street Corp now owns 32,465,720 shares of the electric vehicle producer’s stock worth $34,309,124,000 after acquiring an additional 1,235,579 shares during the last quarter. Geode Capital Management LLC grew its stake in Tesla by 3.0% in the fourth quarter. Geode Capital Management LLC now owns 13,571,554 shares of the electric vehicle producer’s stock worth $14,302,749,000 after purchasing an additional 401,615 shares in the last quarter. Norges Bank acquired a new position in Tesla in the fourth quarter worth about $7,918,804,000. Nuveen Asset Management LLC boosted its stake in Tesla by 7.3% in the fourth quarter. Nuveen Asset Management LLC now owns 5,436,824 shares of the electric vehicle producer’s stock valued at $5,745,526,000 after acquiring an additional 369,560 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its stake in Tesla by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,875,251 shares of the electric vehicle producer’s stock valued at $4,095,288,000 after acquiring an additional 100,386 shares during the period. 40.64% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Andrew D. Baglino sold 433 shares of Tesla stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $718.31, for a total value of $311,028.23. Following the completion of the transaction, the senior vice president now owns 20,567 shares in the company, valued at $14,773,481.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Elon Musk sold 345,601 shares of the business’s stock in a transaction that occurred on Wednesday, April 27th. The shares were sold at an average price of $898.00, for a total transaction of $310,349,698.00. Following the transaction, the chief executive officer now directly owns 168,193,251 shares of the company’s stock, valued at approximately $151,037,539,398. The disclosure for this sale can be found here. Insiders have sold 416,669 shares of company stock worth $369,312,309 over the last three months. 25.00% of the stock is owned by insiders.

A number of brokerages have commented on TSLA. Cowen lifted their target price on Tesla from $660.00 to $790.00 and gave the company a “market perform” rating in a research note on Monday, April 4th. Wells Fargo & Company reduced their price objective on Tesla from $960.00 to $900.00 in a research report on Wednesday, May 11th. Sanford C. Bernstein boosted their target price on Tesla from $300.00 to $450.00 and gave the stock an “underperform” rating in a report on Monday, February 28th. Exane BNP Paribas dropped their target price on Tesla from $700.00 to $600.00 and set an “underperform” rating on the stock in a report on Wednesday, May 18th. Finally, BNP Paribas dropped their target price on Tesla from $700.00 to $600.00 and set an “underperform” rating on the stock in a report on Wednesday, May 18th. Eight research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $897.43.

NASDAQ TSLA traded up $22.08 on Wednesday, hitting $733.19. The company’s stock had a trading volume of 491,057 shares, compared to its average volume of 28,488,096. The company has a quick ratio of 1.04, a current ratio of 1.35 and a debt-to-equity ratio of 0.09. Tesla, Inc. has a 1-year low of $615.50 and a 1-year high of $1,243.49. The company’s 50-day moving average is $796.21 and its 200 day moving average is $903.89. The firm has a market cap of $759.87 billion, a PE ratio of 96.49, a PEG ratio of 2.11 and a beta of 2.13.

Tesla (NASDAQ:TSLAGet Rating) last announced its quarterly earnings results on Wednesday, April 20th. The electric vehicle producer reported $2.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.64 by $1.22. Tesla had a net margin of 13.51% and a return on equity of 28.11%. The firm had revenue of $18.76 billion during the quarter, compared to analysts’ expectations of $17.84 billion. During the same period in the prior year, the company posted $0.39 EPS. The company’s revenue was up 80.5% on a year-over-year basis. On average, equities analysts expect that Tesla, Inc. will post 10.25 EPS for the current year.

Tesla Company Profile (Get Rating)

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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