Centre Asset Management LLC Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

Centre Asset Management LLC cut its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 5.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,553 shares of the electric vehicle producer's stock after selling 1,176 shares during the quarter. Centre Asset Management LLC's holdings in Tesla were worth $5,586,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TSLA. Vanguard Group Inc. grew its position in Tesla by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer's stock valued at $98,211,134,000 after purchasing an additional 3,571,793 shares during the last quarter. Geode Capital Management LLC grew its position in 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 purchasing an additional 1,655,203 shares during the last quarter. Norges Bank purchased a new stake in Tesla during the 4th quarter valued at about $14,420,248,000. FMR LLC grew its position in 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 purchasing an additional 9,920,325 shares during the last quarter. Finally, Northern Trust Corp grew its position 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 valued at $11,541,592,000 after purchasing an additional 5,075,418 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Raymond James downgraded shares of Tesla to an "outperform" rating in a report on Tuesday, April 22nd. Barclays dropped their price target on shares of Tesla from $325.00 to $275.00 and set an "equal weight" rating on the stock in a report on Monday, April 21st. The Goldman Sachs Group reiterated a "neutral" rating on shares of Tesla in a research note on Tuesday, April 22nd. Stifel Nicolaus set a $450.00 price objective on shares of Tesla and gave the stock a "buy" rating in a research note on Thursday, April 24th. Finally, Cfra Research cut shares of Tesla from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 22nd. Ten investment analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $293.97.

Insider Transactions at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the company's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director now owns 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,395 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $23,300,200. This represents a 56.94% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 984,783 shares of company stock worth $320,019,942. Insiders own 20.70% of the company's stock.

Tesla Stock Down 2.6%

Tesla stock traded down $9.34 during trading hours on Friday, reaching $349.09. The stock had a trading volume of 122,996,137 shares, compared to its average volume of 98,157,709. Tesla, Inc. has a 52 week low of $167.41 and a 52 week high of $488.54. The company has a market cap of $1.12 trillion, a price-to-earnings ratio of 171.12, a PEG ratio of 5.86 and a beta of 2.43. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The business's 50 day moving average price is $286.92 and its 200-day moving average price is $334.13.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts' consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The business had revenue of $19.34 billion for the quarter, compared to analysts' expectations of $22.93 billion. During the same quarter in the previous year, the firm posted $0.45 EPS. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current 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.