Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its Tesla holdings by 12.3% in Q1, now owning over 5.26 million shares valued at approximately $1.36 billion.
• Despite a missed earnings estimate in its latest quarterly results, Tesla reported $22.50 billion in revenue, down 11.8% year-over-year.
• Tesla's stock performance sees a current market cap of $1.03 trillion and a price-to-earnings ratio of 184.92 with fluctuating analyst ratings and price targets.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 12.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,264,254 shares of the electric vehicle producer's stock after buying an additional 578,266 shares during the quarter. Tesla comprises approximately 1.3% of Mitsubishi UFJ Asset Management Co. Ltd.'s portfolio, making the stock its 12th biggest position. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.16% of Tesla worth $1,364,284,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rinkey Investments grew its holdings in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after acquiring an additional 29 shares during the period. True Wealth Design LLC grew its holdings in 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 acquiring an additional 31 shares during the period. Aldebaran Financial Inc. boosted its position in shares of Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock worth $490,000 after purchasing an additional 35 shares in the last quarter. Acorn Wealth Advisors LLC boosted its position in shares of Tesla by 1.9% during the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after purchasing an additional 36 shares in the last quarter. Finally, Solutions 4 Wealth Ltd lifted its stake in Tesla by 2.0% in the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after acquiring an additional 36 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

NASDAQ TSLA opened at $319.91 on Thursday. The company's 50 day moving average is $319.80 and its 200-day moving average is $309.56. Tesla, Inc. has a 12-month low of $191.48 and a 12-month high of $488.54. 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 firm 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.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly 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 net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the firm earned $0.52 EPS. The business's revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have commented on TSLA. Roth Mkm cut their price target on shares of Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Truist Financial set a $280.00 target price on shares of Tesla in a research report on Tuesday, April 22nd. Wedbush reiterated an "outperform" rating and set a $500.00 price target on shares of Tesla in a research report on Monday. Guggenheim restated a "sell" rating and issued a $175.00 target price on shares of Tesla in a research report on Wednesday, July 23rd. Finally, The Goldman Sachs Group dropped their price target on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research note on Friday, July 11th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $303.31.

Insider Buying and Selling at Tesla

In other news, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. The trade was a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the business'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 transaction of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This trade represents a 5.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 606,724 shares of company stock worth $215,376,831. 20.70% of the stock is currently owned by company insiders.

Tesla Company 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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