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

Key Points

• Mitsubishi UFJ Asset Management UK Ltd. reduced its stake in Tesla by 38.5%, selling 3,700 shares to own a total of 5,900 shares worth $1,529,000 at the end of the first quarter.
• Other hedge funds including True Wealth Design LLC and Cherry Tree Wealth Management LLC have increased their stakes in Tesla, reflecting mixed investor sentiment.
• Wall Street analysts have issued varied ratings for Tesla, with a consensus rating of "Hold" and an average price target of $303.31, indicating cautious optimism in the stock's future performance.

Mitsubishi UFJ Asset Management UK Ltd. cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 38.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,900 shares of the electric vehicle producer's stock after selling 3,700 shares during the period. Mitsubishi UFJ Asset Management UK Ltd.'s holdings in Tesla were worth $1,529,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TSLA. Eagle Capital Management LLC purchased a new stake in shares of Tesla during the fourth quarter valued at about $331,000. Brighton Jones LLC lifted its position in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after buying an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in shares of Tesla by 21.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock valued at $2,147,000 after buying an additional 931 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of Tesla during the fourth quarter valued at about $346,000. Finally, Highview Capital Management LLC DE purchased a new stake in shares of Tesla during the fourth quarter valued at about $2,367,000. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

Shares of NASDAQ:TSLA traded down $5.02 during trading on Friday, hitting $330.56. 74,099,060 shares of the stock traded hands, compared to its average volume of 90,268,784. The company has a market cap of $1.07 trillion, a price-to-earnings ratio of 191.08, a P/E/G ratio of 11.67 and a beta of 2.33. The company has a fifty day moving average price of $320.41 and a two-hundred day moving average price of $305.81. 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 $202.59 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS 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 analysts' expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. Tesla's revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. As a group, equities analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on TSLA shares. Raymond James Financial lowered shares of Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Benchmark reaffirmed a "buy" rating and issued a $475.00 price objective (up from $350.00) on shares of Tesla in a research report on Thursday, June 26th. JPMorgan Chase & Co. decreased their price objective on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating for the company in a research report on Wednesday, April 23rd. Royal Bank Of Canada reaffirmed an "overweight" rating on shares of Tesla in a research report on Tuesday, July 29th. Finally, China Renaissance reaffirmed a "hold" rating and issued a $349.00 price objective on shares of Tesla in a research report on Friday, July 25th. 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 issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $303.31.

Insider Activity at Tesla

In other Tesla news, Director Kimbal Musk sold 91,588 shares of Tesla stock in a transaction 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 sale, the director owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 599,724 shares of company stock worth $213,126,501 in the last quarter. 20.70% of the stock is owned by 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.