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iA Global Asset Management Inc. Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

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Key Points

  • iA Global Asset Management Inc. has reduced its stake in Tesla by 17.2%, selling 37,916 shares, which leaves it with 182,103 shares valued at $47.2 million.
  • Tesla reported EPS of $0.40, missing estimates by $0.03, and experienced an 11.8% decline in year-over-year revenue to $22.5 billion.
  • As of now, 66.20% of Tesla's stock is owned by hedge funds and institutional investors, indicating strong institutional interest in the company.
  • MarketBeat previews top five stocks to own in September.

iA Global Asset Management Inc. reduced its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 17.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 182,103 shares of the electric vehicle producer's stock after selling 37,916 shares during the quarter. Tesla makes up about 0.8% of iA Global Asset Management Inc.'s portfolio, making the stock its 29th largest position. iA Global Asset Management Inc.'s holdings in Tesla were worth $47,194,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of TSLA. Susquehanna Fundamental Investments LLC acquired a new position in shares of Tesla during the 4th quarter valued at $56,600,000. Means Investment CO. Inc. increased its stake in Tesla by 37.7% during the 1st quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer's stock valued at $5,984,000 after purchasing an additional 6,323 shares in the last quarter. Focus Financial Network Inc. increased its stake in Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer's stock valued at $5,823,000 after purchasing an additional 670 shares in the last quarter. IFM Investors Pty Ltd increased its stake in Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer's stock valued at $153,436,000 after purchasing an additional 46,087 shares in the last quarter. Finally, Harvard Management Co. Inc. bought a new stake in Tesla during the 4th quarter valued at $8,158,000. 66.20% of the stock is owned by institutional investors.

Insider Activity at Tesla

In related news, Director Kimbal Musk sold 91,588 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 606,724 shares of company stock valued at $215,376,831 in the last ninety days. 20.70% of the stock is currently owned by company insiders.

Tesla Price Performance

Shares of Tesla stock traded up $11.19 on Wednesday, reaching $319.91. The stock had a trading volume of 78,040,129 shares, compared to its average volume of 91,306,952. Tesla, Inc. has a 1 year low of $191.48 and a 1 year high of $488.54. The company has a market cap of $1.03 trillion, a P/E ratio of 184.92, a price-to-earnings-growth ratio of 10.85 and a beta of 2.33. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $320.54 and its two-hundred day moving average is $309.49.

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

Wall Street Analyst Weigh In

A number of analysts have commented on TSLA shares. Barclays decreased their price target on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Truist Financial set a $280.00 target price on shares of Tesla in a research note on Tuesday, April 22nd. Glj Research reiterated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Mizuho reduced their target price on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Finally, Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the stock a "buy" rating in a research note on Thursday, April 24th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $303.31.

View Our Latest Report on TSLA

About Tesla

(Free Report)

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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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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