Tortoise Investment Management LLC Reduces Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Tortoise Investment Management LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 77.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 1,294 shares of the electric vehicle producer’s stock after selling 4,425 shares during the quarter. Tortoise Investment Management LLC’s holdings in Tesla were worth $256,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in shares of Tesla by 1.7% in the first quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock valued at $41,064,917,000 after purchasing an additional 3,795,748 shares during the last quarter. Norges Bank acquired a new stake in shares of Tesla in the fourth quarter valued at approximately $7,844,757,000. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after purchasing an additional 1,125,329 shares during the last quarter. ARK Investment Management LLC grew its position in shares of Tesla by 2.6% in the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after purchasing an additional 135,966 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in shares of Tesla by 0.9% in the first quarter. California State Teachers Retirement System now owns 4,611,096 shares of the electric vehicle producer’s stock valued at $810,585,000 after purchasing an additional 41,498 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TSLA shares. Truist Financial reiterated a “hold” rating and issued a $215.00 price target on shares of Tesla in a research report on Wednesday, August 14th. The Goldman Sachs Group decreased their target price on shares of Tesla from $248.00 to $230.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. China Renaissance upgraded shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 target price on the stock in a research report on Friday, July 5th. Robert W. Baird restated an “outperform” rating and set a $280.00 target price on shares of Tesla in a research report on Tuesday, August 20th. Finally, Stifel Nicolaus initiated coverage on shares of Tesla in a research report on Tuesday, June 25th. They set a “buy” rating and a $265.00 target price on the stock. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $204.21.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the sale, the senior vice president now directly owns 65,155 shares in the company, valued at approximately $11,350,652.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 650 shares of Tesla stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at $11,350,652.55. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Tesla Stock Down 1.6 %

TSLA stock opened at $210.60 on Wednesday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $278.98. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $672.79 billion, a P/E ratio of 53.72, a PEG ratio of 5.55 and a beta of 2.29. The firm has a 50 day simple moving average of $223.09 and a 200-day simple moving average of $193.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. During the same period in the previous year, the business posted $0.78 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities research analysts predict that Tesla, Inc. will post 1.79 earnings per share for the current fiscal year.

Tesla Company Profile

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; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.