LGT Group Foundation Lowers Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• LGT Group Foundation has reduced its holdings in Tesla, Inc. by 15.4%, owning 138,133 shares valued at approximately $35.8 million after selling 25,177 shares.
• Major investors such as Goldman Sachs and Vanguard Group have increased their stakes in Tesla, with Goldman Sachs raising its position by an impressive 322.1%.
• Tesla's recent earnings report showed an 11.8% decline in revenue year-over-year, with an EPS of $0.40 that missed analysts' expectations by $0.03.

LGT Group Foundation trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 15.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,133 shares of the electric vehicle producer's stock after selling 25,177 shares during the period. LGT Group Foundation's holdings in Tesla were worth $35,799,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after buying an additional 3,694,524 shares in the last quarter. Northern Trust Corp raised its position in 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. Goldman Sachs Group Inc. raised its position in 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 during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tesla by 0.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after purchasing an additional 158,697 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock valued at $4,710,218,000 after purchasing an additional 849,091 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TSLA. Stifel Nicolaus set a $450.00 target price on Tesla and gave the company a "buy" rating in a research note on Thursday, April 24th. Robert W. Baird reissued a "neutral" rating and set a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Glj Research reissued a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. BNP Paribas set a $137.00 target price on shares of Tesla and gave the company an "underperform" rating in a research note on Wednesday, April 16th. Finally, Wedbush reissued an "outperform" rating and issued a $500.00 price objective on shares of Tesla in a research note on Monday, August 4th. Ten analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $303.31.

Insider Activity at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction dated 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 completion of the transaction, the director directly owned 855,394 shares of the company's stock, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kimbal Musk sold 91,588 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the transaction, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 602,724 shares of company stock worth $214,176,831. Insiders own 20.70% of the company's stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $339.03 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The company has a fifty day simple moving average of $318.61 and a two-hundred day simple moving average of $306.24. The company has a market cap of $1.09 trillion, a price-to-earnings ratio of 195.97, a price-to-earnings-growth ratio of 11.46 and a beta of 2.33. Tesla, Inc. has a 52 week low of $194.67 and a 52 week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its 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). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the previous year, the firm posted $0.52 EPS. The business's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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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