Caitong International Asset Management Co. Ltd Decreases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Caitong International Asset Management Co. Ltd lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 24.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,718 shares of the electric vehicle producer's stock after selling 5,596 shares during the quarter. Tesla comprises 3.4% of Caitong International Asset Management Co. Ltd's portfolio, making the stock its 3rd biggest holding. Caitong International Asset Management Co. Ltd's holdings in Tesla were worth $4,592,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TSLA. Cherry Tree Wealth Management LLC boosted its position in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after purchasing an additional 44 shares in the last quarter. First PREMIER Bank boosted its position in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC raised its position in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the period. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the 1st quarter valued at $27,000. Finally, True Wealth Design LLC boosted its position in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 31 shares during the period. Institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TSLA. William Blair cut Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. BNP Paribas set a $137.00 price objective on shares of Tesla and gave the company an "underperform" rating in a research note on Wednesday, April 16th. The Goldman Sachs Group cut their price objective on Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. China Renaissance restated a "hold" rating and issued a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Finally, Robert W. Baird reissued a "neutral" rating and set a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Tesla currently has an average rating of "Hold" and a consensus target price of $303.31.

Tesla Trading Up 0.5%

Shares of NASDAQ TSLA opened at $340.84 on Wednesday. The stock's 50 day moving average price is $318.54 and its two-hundred day moving average price is $306.48. Tesla, Inc. has a 52-week low of $197.06 and a 52-week high of $488.54. The stock has a market capitalization of $1.10 trillion, a P/E ratio of 197.02, a PEG ratio of 11.79 and a beta of 2.33. 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 announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business's revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.52 EPS. On average, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,000 shares of Tesla 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 transaction, the chief financial officer directly owned 5,924 shares of the company's stock, valued at $1,777,200. This trade represents a 25.24% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares in the company, valued at approximately $305,632,276.20. This represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders sold 602,724 shares of company stock valued at $214,176,831 in the last ninety days. 20.70% of the stock is owned by corporate insiders.

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.

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