Mitsubishi UFJ Trust & Banking Corp Sells 179,336 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Mitsubishi UFJ Trust & Banking Corp sold 179,336 shares of Tesla, Inc., reducing its position by 11.3% to own approximately 1.41 million shares valued at $366 million.
• Multiple large investors, including Rinkey Investments and True Wealth Design LLC, have recently increased their stakes in Tesla, indicating ongoing interest despite recent share movements.
• A variety of equity analysts have adjusted their price targets for Tesla, with Roth Mkm lowering its target from $450 to $395, while the stock holds an average rating of "Hold" and a consensus target price of $303.31.

Mitsubishi UFJ Trust & Banking Corp lowered its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 11.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,412,496 shares of the electric vehicle producer's stock after selling 179,336 shares during the period. Tesla comprises about 1.0% of Mitsubishi UFJ Trust & Banking Corp's investment portfolio, making the stock its 13th biggest holding. Mitsubishi UFJ Trust & Banking Corp's holdings in Tesla were worth $366,062,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of TSLA. Rinkey Investments boosted its stake in shares of Tesla by 3.5% in the fourth 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 boosted its stake in shares of Tesla by 79.5% in the fourth 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 stake in shares of Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock worth $490,000 after acquiring an additional 35 shares during the period. Acorn Wealth Advisors LLC boosted its stake in shares of Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after acquiring an additional 36 shares during the period. Finally, Capital Management Associates Inc boosted its stake in shares of Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after acquiring an additional 38 shares during the period. Institutional investors own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Roth Mkm dropped their price objective on Tesla from $450.00 to $395.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. William Blair downgraded Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. Piper Sandler reiterated an "overweight" rating and issued a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Finally, China Renaissance reiterated a "hold" rating and issued a $349.00 target price on shares of Tesla in a research report on Friday, July 25th. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $303.31.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the firm's 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 transaction, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimbal Musk sold 91,588 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director owned 1,463,220 shares in the company, valued at $522,940,195.80. The trade was a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 719,119 shares of company stock worth $246,186,549 over the last three months. Corporate insiders own 20.70% of the company's stock.

Tesla Trading Down 1.8%

Shares of NASDAQ TSLA opened at $302.63 on Friday. The business's 50 day moving average price is $322.22 and its 200-day moving average price is $311.84. The company has a market cap of $976.12 billion, a price-to-earnings ratio of 174.93, a PEG ratio of 10.83 and a beta of 2.33. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $22.50 billion for 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%. The company's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 earnings per share. On average, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current 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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