Nordea Investment Management AB Lowers Position in Tesla, Inc. $TSLA

Key Points

• Nordea Investment Management AB reduced its stake in Tesla, Inc. by 4.4% in Q2, owning 1,366,620 shares valued at approximately $439 million after selling 62,217 shares.
• Tesla reported a quarterly EPS of $0.40, missing expectations, and its revenue fell by 11.8% year-over-year, totaling $22.50 billion.
• Shares of Tesla are currently priced at $439.31, with a market cap of $1.46 trillion and analysts maintaining a consensus rating of "Hold".

Nordea Investment Management AB lessened its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 4.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,366,620 shares of the electric vehicle producer's stock after selling 62,217 shares during the quarter. Nordea Investment Management AB's holdings in Tesla were worth $439,040,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in TSLA. Cherry Tree Wealth Management LLC raised its stake in Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank raised its stake in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 42 shares during the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla during the first quarter valued at $27,000. Chelsea Counsel Co. raised its stake in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 40 shares during the last quarter. Finally, Evergreen Private Wealth LLC raised its stake in Tesla by 270.0% during the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer's stock valued at $35,000 after buying an additional 81 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Performance

Shares of TSLA opened at $439.31 on Friday. 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 business has a 50-day simple moving average of $387.54 and a two-hundred day simple moving average of $333.25. The stock has a market cap of $1.46 trillion, a price-to-earnings ratio of 253.94, a PEG ratio of 15.41 and a beta of 2.08. Tesla, Inc. has a 52 week low of $212.11 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 analysts' consensus estimates 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%.The business's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. On average, analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Tesla in a research note on Wednesday, October 8th. Melius initiated coverage on Tesla in a report on Monday, October 13th. They issued a "buy" rating and a $520.00 target price for the company. Canaccord Genuity Group lifted their target price on Tesla from $333.00 to $490.00 and gave the stock a "buy" rating in a report on Tuesday, September 30th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a report on Thursday, July 24th. Finally, TD Cowen lifted their target price on Tesla from $374.00 to $509.00 and gave the stock a "buy" rating in a report on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and ten have assigned a Sell rating to the company's stock. According to MarketBeat.com, Tesla presently has a consensus rating of "Hold" and a consensus price target of $363.54.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president owned 47,600 shares of the company's stock, valued at $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 over the last 90 days. Company insiders own 19.90% of the company's stock.

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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