Forsta AP Fonden Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Forsta AP Fonden reduced its holdings in Tesla, Inc. by 3.0%, now owning 725,200 shares valued at approximately $187.9 million, representing 1.4% of its portfolio.
• Other investors have increased their stakes significantly, with Goldman Sachs raising its holdings by 322.1% and GAMMA Investing LLC by 27,378.6% in the first quarter.
• Tesla reported a quarterly EPS of $0.40, missing estimates, and a revenue of $22.5 billion, down 11.8% from the previous year, highlighting ongoing challenges despite its current high valuation.

Forsta AP Fonden decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 725,200 shares of the electric vehicle producer's stock after selling 22,700 shares during the period. Tesla comprises 1.4% of Forsta AP Fonden's holdings, making the stock its 10th largest holding. Forsta AP Fonden's holdings in Tesla were worth $187,943,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Rinkey Investments lifted its holdings in shares of Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer's stock worth $347,000 after purchasing an additional 29 shares during the period. True Wealth Design LLC grew its holdings in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. Aldebaran Financial Inc. boosted its stake in shares of Tesla by 3.1% during the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer's stock valued at $490,000 after acquiring an additional 35 shares during the last quarter. Acorn Wealth Advisors LLC boosted its stake in Tesla by 1.9% in the 1st quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after buying an additional 36 shares during the last quarter. Finally, Solutions 4 Wealth Ltd boosted its stake in Tesla by 2.0% in the 1st quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after buying an additional 36 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Trading Up 4.2%

Shares of TSLA traded up $13.94 during trading on Monday, reaching $343.59. 65,471,440 shares of the company traded hands, compared to its average volume of 106,510,563. Tesla, Inc. has a twelve month low of $194.67 and a twelve month high of $488.54. The stock has a market cap of $1.11 trillion, a PE ratio of 199.26, a price-to-earnings-growth ratio of 11.46 and a beta of 2.33. The stock has a 50-day simple moving average of $318.68 and a 200-day simple moving average of $306.71. 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 announced its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. Tesla's revenue was down 11.8% on a year-over-year basis. On average, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In other news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction 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 transaction, the director directly owned 855,394 shares of the company's stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction 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 $21,889,556. This represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 602,724 shares of company stock worth $214,176,831 over the last 90 days. 20.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TSLA. Royal Bank Of Canada reiterated an "overweight" rating on shares of Tesla in a report on Tuesday, July 29th. Piper Sandler restated an "overweight" rating and set a $400.00 price objective on shares of Tesla in a research note on Tuesday, June 10th. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Mizuho decreased their target price on Tesla from $390.00 to $375.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. Finally, Benchmark reiterated a "buy" rating and issued a $475.00 target price (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. Ten analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average 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.