Pacer Advisors Inc. Sells 60,519 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Pacer Advisors Inc. has reduced its stake in Tesla by 18.8%, selling 60,519 shares during the first quarter, now holding 262,080 shares valued at approximately $67.9 million.
• Insider transactions included Director Ira Matthew Ehrenpreis selling 477,572 shares worth about $170.6 million, resulting in a 35.83% decrease in his ownership stake.
• Analysts have a mixed view on Tesla stock, with an average price target of $302.75 and recent ratings ranging from "strong buy" to "sell."

Pacer Advisors Inc. decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 18.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 262,080 shares of the electric vehicle producer's stock after selling 60,519 shares during the quarter. Pacer Advisors Inc.'s holdings in Tesla were worth $67,921,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of Tesla by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer's stock valued at $24,566,217,000 after acquiring an additional 1,655,203 shares in the last quarter. FMR LLC boosted its position in shares of Tesla by 40.1% during 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 acquiring an additional 9,920,325 shares in the last quarter. Northern Trust Corp boosted its position 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 valued at $11,541,592,000 after acquiring an additional 5,075,418 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Tesla by 0.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,536,519 shares of the electric vehicle producer's stock valued at $9,908,828,000 after acquiring an additional 158,697 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of Tesla by 19.8% during the 4th quarter. Nuveen Asset Management LLC now owns 13,109,178 shares of the electric vehicle producer's stock valued at $5,294,010,000 after acquiring an additional 2,170,449 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Insider Buying and Selling

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total value of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares in the company, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Argus reiterated a "hold" rating on shares of Tesla in a research report on Monday, June 9th. Cfra Research lowered shares of Tesla from a "moderate buy" rating to a "hold" rating in a research report on Tuesday, April 22nd. William Blair lowered shares of Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. Piper Sandler restated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Finally, Robert W. Baird restated a "neutral" rating and issued a $320.00 price target on shares of Tesla in a research report on Monday, June 9th. Ten analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla presently has an average rating of "Hold" and an average price target of $302.75.

Tesla Stock Up 3.5%

Tesla stock opened at $316.06 on Friday. The stock has a market capitalization of $1.02 trillion, a PE ratio of 182.69, a price-to-earnings-growth ratio of 11.59 and a beta of 2.39. Tesla, Inc. has a twelve month low of $182.00 and a twelve month high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $324.70 and a 200-day moving average of $314.65.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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). The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. On average, equities research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal 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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