Tesla, Inc. (NASDAQ:TSLA) is Resona Asset Management Co. Ltd.'s 9th Largest Position

Key Points

• Resona Asset Management Co. Ltd. increased its Tesla shares by 9.4% during the 1st quarter, owning approximately 1.4% of its portfolio, valued at over $249 million.
• Institutional investors collectively hold 66.20% of Tesla's stock, with significant increases in holdings from companies like Goldman Sachs (322.1% increase) and Vanguard Group (1.5% increase).
• Despite the strong institutional interest, Tesla reported a drop in revenue by 11.8% year-over-year, missing analyst estimates with $22.5 billion in revenue for the last quarter.

Resona Asset Management Co. Ltd. increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 9.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 960,370 shares of the electric vehicle producer's stock after purchasing an additional 82,667 shares during the quarter. Tesla accounts for 1.4% of Resona Asset Management Co. Ltd.'s portfolio, making the stock its 9th largest position. Resona Asset Management Co. Ltd.'s holdings in Tesla were worth $249,591,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC raised its position in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after acquiring an additional 44 shares during the period. First PREMIER Bank raised its position in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC raised its position in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after purchasing an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Tesla during the first quarter valued at $27,000. Finally, True Wealth Design LLC grew its stake in Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after acquiring an additional 31 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tesla

In other news, 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 value of $170,636,475.60. Following the completion of the sale, the director owned 855,394 shares in the company, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction dated Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This represents a 25.24% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 602,724 shares of company stock worth $214,176,831. 20.70% of the stock is owned by company insiders.

Tesla Trading Down 1.1%

TSLA traded down $3.80 on Thursday, reaching $335.58. 74,640,981 shares of the company traded hands, compared to its average volume of 106,159,734. Tesla, Inc. has a one year low of $202.59 and a one year high of $488.54. The firm has a fifty day simple moving average of $318.69 and a two-hundred day simple moving average of $306.71. The company has a market cap of $1.08 trillion, a P/E ratio of 193.98, a price-to-earnings-growth ratio of 11.85 and a beta of 2.33. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 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 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% compared to the same quarter last year. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on TSLA shares. Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the company a "buy" rating in a research note on Thursday, April 24th. Canaccord Genuity Group raised their target price on shares of Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Cfra Research cut shares of Tesla from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 22nd. Raymond James Financial cut shares of Tesla to an "outperform" rating in a research note on Tuesday, April 22nd. Finally, Truist Financial set a $280.00 price objective on shares of Tesla in a research note on Tuesday, April 22nd. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and a consensus target price of $303.31.

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.