Cim Investment Management Inc. Cuts Stake in Tesla, Inc. $TSLA

Key Points

• Cim Investment Management Inc. reduced its stake in Tesla by 50.1%, leaving them with 7,094 shares valued at approximately $1.84 million as of their latest SEC filing.
• Other institutional investors have significantly increased their holdings in Tesla, with Goldman Sachs boosting its stake by 322.1% to own 26.59 million shares valued at nearly $6.89 billion.
• Despite varied analyst ratings, Tesla's stock currently has a consensus rating of "Hold" with an average target price of $303.00, compared to its recent trading value around $368.81.

Cim Investment Management Inc. reduced its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 50.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,094 shares of the electric vehicle producer's stock after selling 7,109 shares during the period. Tesla makes up 0.4% of Cim Investment Management Inc.'s portfolio, making the stock its 24th biggest position. Cim Investment Management Inc.'s holdings in Tesla were worth $1,838,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Tesla by 322.1% during 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 purchasing an additional 20,291,139 shares in the last quarter. Nuveen LLC bought a new position in shares of Tesla during the first quarter valued at $3,247,619,000. GAMMA Investing LLC lifted its holdings in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after purchasing an additional 9,776,607 shares in the last quarter. Amundi lifted its holdings in shares of Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after purchasing an additional 3,814,610 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of Tesla by 1.5% during 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 purchasing an additional 3,694,524 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley reaffirmed an "overweight" rating and set a $410.00 price target on shares of Tesla in a report on Friday, September 5th. HSBC reaffirmed a "reduce" rating and set a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. Guggenheim reissued a "sell" rating and issued a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. UBS Group set a $290.00 target price on Tesla in a report on Monday, June 30th. Finally, Mizuho lowered their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have issued a Hold rating and nine have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $303.00.

Tesla Stock Performance

Shares of TSLA opened at $368.81 on Friday. 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, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The business has a 50-day simple moving average of $327.25 and a two-hundred day simple moving average of $302.84. The stock has a market cap of $1.19 trillion, a price-to-earnings ratio of 213.18, a PEG ratio of 12.13 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the prior year, the business posted $0.52 EPS. The business's revenue for the quarter was down 11.8% compared to the same quarter last year. On average, analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity

In related news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares of the company's stock, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,606 shares of company stock valued at $44,724,662 in the last quarter. 20.70% of the stock is currently 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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