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Kornitzer Capital Management Inc. KS Decreases Position in Tesla, Inc. (NASDAQ:TSLA)

Tesla logo with Auto/Tires/Trucks background

Kornitzer Capital Management Inc. KS lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 20.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,552 shares of the electric vehicle producer's stock after selling 887 shares during the quarter. Kornitzer Capital Management Inc. KS's holdings in Tesla were worth $921,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in Tesla by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer's stock valued at $98,211,134,000 after acquiring an additional 3,571,793 shares during the last quarter. Geode Capital Management LLC boosted its position in Tesla by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock valued at $24,566,217,000 after acquiring an additional 1,655,203 shares during the last quarter. Norges Bank bought a new stake in Tesla during the fourth quarter valued at $14,420,248,000. FMR LLC raised its holdings in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Tesla by 21.6% during 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 purchasing an additional 5,075,418 shares during the period. Institutional investors own 66.20% of the company's stock.

Analysts Set New Price Targets

TSLA has been the topic of several research reports. Mizuho dropped their price objective on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. Wedbush reiterated an "outperform" rating and set a $500.00 price objective on shares of Tesla in a report on Tuesday, July 8th. Benchmark reiterated a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a report on Thursday, June 26th. Argus reiterated a "hold" rating on shares of Tesla in a report on Monday, June 9th. Finally, Baird R W lowered shares of Tesla from a "strong-buy" rating to a "hold" rating in a report on Monday, June 9th. Ten analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $300.19.

Get Our Latest Report on TSLA

Insider Activity

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the sale, the director owned 855,394 shares in the company, valued at approximately $305,632,276.20. This trade represents a 35.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,777,200. This trade represents a 25.24% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by company insiders.

Tesla Stock Performance

Shares of Tesla stock traded up $10.24 on Friday, reaching $329.65. 93,840,578 shares of the company traded hands, compared to its average volume of 98,931,072. The company has a 50 day moving average of $325.64 and a 200 day moving average of $317.81. The firm has a market capitalization of $1.06 trillion, a PE ratio of 181.13, a PEG ratio of 9.80 and a beta of 2.39. Tesla, Inc. has a 52 week low of $182.00 and a 52 week high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.00 and a quick ratio of 1.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The business had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same period last year, the business posted $0.45 earnings per share. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.

Further Reading

Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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