Tesla, Inc. $TSLA Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its holdings in Tesla by 3.5%, currently owning approximately $7.15 billion worth of shares, making Tesla its 13th largest position.
• Tesla's stock has recently declined by 1.5%, with a current price of $330.56 and market cap of $1.07 trillion.
• Recent earnings results showed that Tesla missed analysts' expectations, reporting $0.40 earnings per share, down from $0.52 in the same quarter last year.

Northern Trust Corp lowered its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.5% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 27,587,612 shares of the electric vehicle producer's stock after selling 992,003 shares during the quarter. Tesla makes up about 1.1% of Northern Trust Corp's holdings, making the stock its 13th biggest position. Northern Trust Corp owned about 0.86% of Tesla worth $7,149,606,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. True Wealth Design LLC lifted its stake in Tesla by 79.5% in the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 31 shares in the last quarter. Navigoe LLC acquired a new position in Tesla in the 4th quarter valued at $37,000. Cherry Tree Wealth Management LLC raised its holdings in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank raised its holdings in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Finally, Marshall & Sterling Wealth Advisors Inc. acquired a new position in Tesla in the 4th quarter valued at $39,000. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Down 1.6%

NASDAQ TSLA traded down $5.2010 during trading hours on Wednesday, hitting $324.1090. The company had a trading volume of 73,265,967 shares, compared to its average volume of 105,232,750. Tesla, Inc. has a fifty-two week low of $202.59 and a fifty-two week high of $488.54. The company has a market capitalization of $1.05 trillion, a price-to-earnings ratio of 187.35, a P/E/G ratio of 11.65 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The firm's 50 day moving average is $321.01 and its 200 day moving average is $304.26.

Tesla (NASDAQ:TSLA - Get Free Report) last announced 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 company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the company posted $0.52 earnings per share. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSLA has been the subject of several analyst reports. William Blair downgraded Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Glj Research reiterated a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Cantor Fitzgerald cut their price target on Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Canaccord Genuity Group boosted their price target on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Finally, China Renaissance reiterated a "hold" rating and issued a $349.00 price target on shares of Tesla in a report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have given a Hold rating and nine have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $303.31.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,777,200. This represents a 25.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the completion of the sale, the senior vice president owned 67,600 shares of the company's stock, valued at approximately $21,889,556. This represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 599,724 shares of company stock valued at $213,126,501 in the last 90 days. 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.