Tesla, Inc. $TSLA Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. significantly reduced its holdings in Tesla by 58.8%, now owning approximately $1.11 billion worth of shares, which accounts for 1.6% of its portfolio.
• Multiple hedge funds have been adjusting their positions in Tesla, with Brighton Jones LLC increasing its holdings by 11.8% and Bison Wealth LLC by 52.2% during the last quarter.
• Analysts have varied opinions on Tesla, with price targets ranging from $303 to $548, indicating a mixed outlook among investors.

Assenagon Asset Management S.A. trimmed its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 58.8% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,483,636 shares of the electric vehicle producer's stock after selling 4,981,129 shares during the quarter. Tesla accounts for 1.6% of Assenagon Asset Management S.A.'s holdings, making the stock its 8th largest holding. Assenagon Asset Management S.A. owned about 0.11% of Tesla worth $1,106,612,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Acorn Wealth Advisors LLC increased its holdings in Tesla by 1.9% during the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after purchasing an additional 36 shares during the period. Solutions 4 Wealth Ltd increased its position in shares of Tesla by 2.0% during the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares during the last quarter. ACT Wealth Management LLC grew its holdings in shares of Tesla by 0.7% during the second quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock valued at $1,717,000 after purchasing an additional 36 shares during the last quarter. Capital Management Associates Inc lifted its position in Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after purchasing an additional 38 shares during the period. Finally, Graney & King LLC lifted its position in shares of Tesla by 18.4% during the 1st quarter. Graney & King LLC now owns 245 shares of the electric vehicle producer's stock valued at $63,000 after acquiring an additional 38 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Trading Down 0.1%

Shares of Tesla stock traded down $0.43 during trading on Tuesday, reaching $433.78. The company's stock had a trading volume of 32,009,927 shares, compared to its average volume of 102,971,156. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The company has a market cap of $1.44 trillion, a price-to-earnings ratio of 250.94, a PEG ratio of 14.86 and a beta of 2.06. The firm's 50-day moving average is $343.03 and its two-hundred day moving average is $309.87. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion for 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 quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.52 earnings per share. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on TSLA. Morgan Stanley reissued an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a research report on Friday, September 5th. Guggenheim reissued a "sell" rating and issued a $175.00 price target on shares of Tesla in a report on Wednesday, July 23rd. Mizuho boosted their price target on shares of Tesla from $375.00 to $450.00 and gave the stock an "outperform" rating in a research report on Tuesday. Dbs Bank increased their price target on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Finally, Stifel Nicolaus set a $440.00 price objective on shares of Tesla in a research note on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and nine have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $326.74.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the sale, the chief financial officer owned 5,924 shares in the company, valued at $1,735,080.36. The trade was a 40.31% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 208,606 shares of company stock valued at $77,360,462. 19.90% of the stock is owned by corporate 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.