Hartford Investment Management Co. Has $44.25 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Hartford Investment Management Co. has reduced its stake in Tesla by 1.1%, holding 170,749 shares valued at $44.25 million, making it the company's 10th largest position.
• Tesla's stock experienced a 3.4% decline, with a current market cap of $994.31 billion and a price-to-earnings ratio of 178.19.
• Insider transactions reveal significant sales, with Director Robyn M. Denholm selling over 112,000 shares and Director Ira Matthew Ehrenpreis selling 477,572 shares, indicating a shift in ownership stakes.

Hartford Investment Management Co. cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 170,749 shares of the electric vehicle producer's stock after selling 1,827 shares during the period. Tesla makes up approximately 1.5% of Hartford Investment Management Co.'s investment portfolio, making the stock its 10th biggest position. Hartford Investment Management Co.'s holdings in Tesla were worth $44,251,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Eagle Capital Management LLC purchased a new position in Tesla during the 4th quarter worth approximately $331,000. Brighton Jones LLC grew its position in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after purchasing an additional 9,293 shares in the last quarter. Revolve Wealth Partners LLC grew its position in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after purchasing an additional 931 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new position in Tesla during the 4th quarter worth approximately $346,000. Finally, Highview Capital Management LLC DE purchased a new position in Tesla during the 4th quarter worth approximately $2,367,000. 66.20% of the stock is currently owned by institutional investors.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction dated 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 transaction, the senior vice president directly owned 67,600 shares in the company, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the transaction, the director owned 855,394 shares in the company, 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. Over the last 90 days, insiders sold 719,119 shares of company stock valued at $246,186,549. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TSLA. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price objective on shares of Tesla in a research report on Friday, June 6th. The Goldman Sachs Group cut their target price on shares of Tesla from $315.00 to $285.00 and set a "neutral" rating for the company in a research report on Friday, July 11th. HSBC reiterated a "reduce" rating and issued a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Finally, Canaccord Genuity Group increased their target price on shares of Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and a consensus target price of $303.31.

Tesla Stock Performance

NASDAQ TSLA traded down $5.64 during midday trading on Friday, hitting $302.63. The company had a trading volume of 88,785,612 shares, compared to its average volume of 91,739,856. 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 firm has a fifty day simple moving average of $322.22 and a two-hundred day simple moving average of $311.84. Tesla, Inc. has a fifty-two week low of $182.00 and a fifty-two week high of $488.54. The stock has a market cap of $976.12 billion, a price-to-earnings ratio of 174.93, a P/E/G ratio of 10.83 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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 firm 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%. Tesla's quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share 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.