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OVERSEA CHINESE BANKING Corp Ltd Cuts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

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Key Points

  • OVERSEA CHINESE BANKING Corp Ltd has reduced its stake in Tesla by 5.5%, holding 86,151 shares worth approximately $23.3 million after selling 4,968 shares.
  • Multiple large investors, including FMR LLC and GAMMA Investing LLC, significantly increased their positions in Tesla, with FMR LLC raising its stake by 40.1% and GAMMA by over 27,000%.
  • Analysts have mixed views on Tesla, with a consensus rating of "Hold" and a target price averaging $303.31, while the stock has recently underperformed with a miss on earnings per share and a decline in revenue year-over-year.
  • MarketBeat previews top five stocks to own in September.

OVERSEA CHINESE BANKING Corp Ltd decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 86,151 shares of the electric vehicle producer's stock after selling 4,968 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Tesla were worth $23,343,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. FMR LLC boosted its position in shares of Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer's stock valued at $13,997,660,000 after purchasing an additional 9,920,325 shares during the period. GAMMA Investing LLC lifted its position in Tesla by 27,378.6% during the 1st quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock worth $2,542,960,000 after acquiring an additional 9,776,607 shares during the period. Northern Trust Corp raised its stake in shares of Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after buying an additional 5,075,418 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Tesla by 54.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 8,464,765 shares of the electric vehicle producer's stock worth $2,193,728,000 after buying an additional 2,978,026 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main raised its stake in shares of Tesla by 65.5% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 5,937,475 shares of the electric vehicle producer's stock worth $2,397,790,000 after buying an additional 2,350,065 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TSLA. Baird R W downgraded Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a report on Sunday, July 27th. Roth Mkm reduced their target price on Tesla from $450.00 to $395.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Stifel Nicolaus set a $450.00 price objective on Tesla and gave the company a "buy" rating in a research report on Thursday, April 24th. Finally, HSBC reissued a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Ten equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $303.31.

View Our Latest Report on Tesla

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 8th. The shares were 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 of the company's stock, valued at $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director directly owned 855,394 shares of the company's stock, valued at approximately $305,632,276.20. This trade represents a 35.83% 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 valued at $246,186,549 over the last ninety days. Company insiders own 20.70% of the company's stock.

Tesla Price Performance

NASDAQ TSLA opened at $302.63 on Friday. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The stock 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. The company's 50 day moving average is $322.22 and its two-hundred day moving average is $311.84. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

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 for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the prior year, the firm posted $0.52 EPS. The company's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

About Tesla

(Free Report)

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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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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