Ameriprise Financial Inc. Sells 450,172 Shares of Tesla, Inc. $TSLA

Key Points

• Ameriprise Financial Inc. reduced its stake in Tesla by 7.8%, selling 450,172 shares and now owns about 5.3 million shares, valued at approximately $1.39 billion.
• Despite Ameriprise's reduction, other institutional investors like Vanguard and Goldman Sachs increased their holdings in Tesla, showcasing continued institutional interest in the stock.
• Tesla missed earnings expectations for the last quarter, reporting $0.40 EPS against the consensus estimate of $0.43, alongside a revenue decline of 11.8% compared to the same quarter last year.

Ameriprise Financial Inc. decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,317,002 shares of the electric vehicle producer's stock after selling 450,172 shares during the quarter. Ameriprise Financial Inc. owned about 0.17% of Tesla worth $1,393,890,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after buying an additional 3,694,524 shares in the last quarter. Northern Trust Corp lifted its stake in Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock valued at $11,541,592,000 after buying an additional 5,075,418 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Tesla by 322.1% in the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after buying an additional 20,291,139 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tesla by 0.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after buying an additional 158,697 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Tesla by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock valued at $4,710,218,000 after buying an additional 849,091 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Tesla Trading Down 1.6%

Shares of Tesla stock opened at $323.90 on Thursday. The firm has a 50-day moving average of $320.96 and a 200-day moving average of $304.40. The stock has a market cap of $1.04 trillion, a PE ratio of 187.23, a PEG ratio of 11.45 and a beta of 2.33. Tesla, Inc. has a 52-week low of $202.59 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. Glj Research reiterated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Canaccord Genuity Group lifted their price objective on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the company a "buy" rating in a report on Thursday, April 24th. Finally, Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have issued a Hold rating and nine have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $303.31.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This represents a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,724 shares of company stock worth $213,126,501. 20.70% of the stock is owned by company insiders.

Tesla 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.

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