World Asset Management Inc trimmed its position in shares of Tesla Inc (NASDAQ:TSLA) by 2.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,549 shares of the electric vehicle producer’s stock after selling 105 shares during the period. World Asset Management Inc’s holdings in Tesla were worth $1,273,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank bought a new position in Tesla during the 4th quarter worth approximately $470,949,000. Jennison Associates LLC grew its position in Tesla by 10.5% during the 4th quarter. Jennison Associates LLC now owns 5,322,358 shares of the electric vehicle producer’s stock worth $1,771,281,000 after acquiring an additional 505,076 shares during the last quarter. Optimus Prime Fund Management Co. Ltd. bought a new position in Tesla during the 4th quarter worth approximately $79,472,000. Lord Abbett & CO. LLC bought a new position in Tesla during the 4th quarter worth approximately $38,582,000. Finally, Baillie Gifford & Co. grew its position in Tesla by 0.8% during the 4th quarter. Baillie Gifford & Co. now owns 13,234,382 shares of the electric vehicle producer’s stock worth $4,404,403,000 after acquiring an additional 108,931 shares during the last quarter. 57.70% of the stock is currently owned by institutional investors.
TSLA has been the topic of several recent research reports. Goldman Sachs Group restated a “sell” rating and set a $210.00 price target on shares of Tesla in a research report on Friday, March 1st. Sanford C. Bernstein restated a “neutral” rating and set a $325.00 price target on shares of Tesla in a research report on Friday, March 29th. Roth Capital set a $240.00 price target on Tesla and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. JMP Securities reduced their price target on Tesla from $406.00 to $394.00 and set an “outperform” rating on the stock in a research report on Monday, March 25th. Finally, Morgan Stanley restated a “neutral” rating and set a $230.00 price target on shares of Tesla in a research report on Thursday, May 2nd. Seventeen research analysts have rated the stock with a sell rating, eleven have issued a hold rating and eleven have given a buy rating to the stock. Tesla presently has an average rating of “Hold” and an average price target of $291.00.
In other news, insider Jeffrey B. Straubel sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 28th. The stock was sold at an average price of $316.95, for a total value of $4,754,250.00. Following the completion of the transaction, the insider now owns 321,398 shares in the company, valued at approximately $101,867,096.10. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brad W. Buss sold 38,540 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $228.37, for a total value of $8,801,379.80. Following the completion of the transaction, the director now owns 34,874 shares of the company’s stock, valued at approximately $7,964,175.38. The disclosure for this sale can be found here. In the last 90 days, insiders sold 117,100 shares of company stock valued at $30,574,286. 22.80% of the stock is currently owned by company insiders.
Shares of TSLA traded down $4.86 on Friday, reaching $190.63. The stock had a trading volume of 13,866,285 shares, compared to its average volume of 9,907,221. The stock has a market cap of $33.12 billion, a PE ratio of -33.33 and a beta of 0.27. The company has a quick ratio of 0.42, a current ratio of 0.83 and a debt-to-equity ratio of 1.79. Tesla Inc has a 12-month low of $186.22 and a 12-month high of $387.46.
Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, April 24th. The electric vehicle producer reported ($4.10) EPS for the quarter, missing the Zacks’ consensus estimate of ($2.51) by ($1.59). The firm had revenue of $4.54 billion during the quarter, compared to analysts’ expectations of $5.18 billion. Tesla had a negative net margin of 4.29% and a negative return on equity of 18.23%. The company’s revenue for the quarter was up 33.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($3.35) EPS. Equities analysts anticipate that Tesla Inc will post -4.64 EPS for the current year.
COPYRIGHT VIOLATION WARNING: This piece was published by Sundance Herald and is owned by of Sundance Herald. If you are viewing this piece on another website, it was illegally copied and reposted in violation of United States and international copyright & trademark laws. The original version of this piece can be accessed at https://sundanceherald.com/2019/05/24/world-asset-management-inc-has-1-27-million-stake-in-tesla-inc-tsla.html.
Tesla Company Profile
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
Read More: How to Trade Using Analysts Ratings
Receive News & Ratings for Tesla Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tesla and related companies with MarketBeat.com's FREE daily email newsletter.