State of New Jersey Common Pension Fund D Sells 82,784 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Tesla, Inc. by 7.8%, selling 82,784 shares, and now holds 972,349 shares worth approximately $252 million.
• Institutional investors own 66.20% of Tesla's stock, with notable increases in holdings from Vanguard Group Inc., Northern Trust Corp, and Goldman Sachs Group Inc.
• Tesla reported $0.40 earnings per share for the last quarter, missing expectations, with a revenue decrease of 11.8% year-over-year.

State of New Jersey Common Pension Fund D trimmed its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 7.8% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 972,349 shares of the electric vehicle producer's stock after selling 82,784 shares during the period. Tesla makes up approximately 1.1% of State of New Jersey Common Pension Fund D's portfolio, making the stock its 11th biggest position. State of New Jersey Common Pension Fund D's holdings in Tesla were worth $251,994,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TSLA. Vanguard Group Inc. increased its holdings in Tesla by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after purchasing an additional 3,694,524 shares in the last quarter. Northern Trust Corp increased its holdings in 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 purchasing an additional 5,075,418 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Tesla by 322.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock worth $6,891,201,000 after purchasing an additional 20,291,139 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Tesla by 0.7% in 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 worth $9,908,828,000 after buying an additional 158,697 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of Tesla by 4.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after buying an additional 849,091 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Tesla Stock Performance

Shares of TSLA opened at $335.58 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. Tesla, Inc. has a one year low of $202.59 and a one year high of $488.54. The company has a 50-day simple moving average of $319.71 and a two-hundred day simple moving average of $306.28. The firm has a market capitalization of $1.08 trillion, a PE ratio of 193.98, a price-to-earnings-growth ratio of 11.80 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last released its 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 business had revenue of $22.50 billion for the quarter, compared to analysts' expectations of $23.18 billion. During the same quarter in the previous year, the business posted $0.52 earnings per share. Tesla's revenue for the quarter was down 11.8% on a year-over-year basis. On average, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of Tesla 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 directly owned 67,600 shares in the company, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of Tesla stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the transaction, the chief financial officer owned 1,950 shares of the company's stock, valued at $664,989. The trade was a 75.47% 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 over the last ninety days. Company insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on TSLA. Guggenheim restated a "sell" rating and issued a $175.00 target price on shares of Tesla in a research note on Wednesday, July 23rd. Canaccord Genuity Group boosted their target price on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Piper Sandler restated an "overweight" rating and issued a $400.00 target price on shares of Tesla in a research note on Tuesday, June 10th. Finally, Glj Research restated a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Ten 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 stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $303.31.

Tesla 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.

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