Capital Research Global Investors Decreases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Capital Research Global Investors cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 26.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,840,186 shares of the electric vehicle producer’s stock after selling 2,789,981 shares during the period. Capital Research Global Investors’ holdings in Tesla were worth $3,166,265,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TSLA. Principal Financial Group Inc. boosted its stake in shares of Tesla by 5.6% during the 3rd quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after buying an additional 194,796 shares during the last quarter. M&T Bank Corp boosted its stake in Tesla by 13.3% during the 3rd quarter. M&T Bank Corp now owns 341,442 shares of the electric vehicle producer’s stock valued at $89,332,000 after acquiring an additional 39,961 shares during the last quarter. McIlrath & Eck LLC grew its holdings in Tesla by 6.0% during the 3rd quarter. McIlrath & Eck LLC now owns 3,401 shares of the electric vehicle producer’s stock worth $890,000 after acquiring an additional 192 shares in the last quarter. Advisory Resource Group increased its position in shares of Tesla by 1.2% in the 3rd quarter. Advisory Resource Group now owns 4,260 shares of the electric vehicle producer’s stock worth $1,115,000 after purchasing an additional 50 shares during the last quarter. Finally, Morse Asset Management Inc raised its stake in shares of Tesla by 46.0% in the 3rd quarter. Morse Asset Management Inc now owns 8,712 shares of the electric vehicle producer’s stock valued at $2,279,000 after purchasing an additional 2,743 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the sale, the director now owns 85,000 shares in the company, valued at $32,643,400. The trade was a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $383.11, for a total transaction of $2,681,770.00. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $41,745,581.15. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 374,228 shares of company stock worth $123,791,123. Company insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Morgan Stanley lowered their price objective on Tesla from $430.00 to $410.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Piper Sandler dropped their price target on Tesla from $450.00 to $400.00 and set an “overweight” rating on the stock in a research report on Wednesday. Oppenheimer reiterated a “mixed” rating on shares of Tesla in a research note on Tuesday, March 18th. Glj Research restated a “buy” rating on shares of Tesla in a research report on Tuesday, March 11th. Finally, Bank of America lowered their price objective on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Nine equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus target price of $292.18.

Tesla Trading Down 0.2 %

Tesla stock opened at $241.17 on Friday. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $488.54. The firm’s 50 day moving average price is $273.93 and its two-hundred day moving average price is $322.21. The firm has a market cap of $775.71 billion, a price-to-earnings ratio of 118.22, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. On average, research analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

About Tesla

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.