Tesla, Inc. $TSLA is Hartford Investment Management Co.'s 9th Largest Position

Key Points

• Hartford Investment Management Co. reduced its stake in Tesla, Inc. by 1.0%, bringing its total ownership to 169,045 shares, which is valued at approximately $53.7 million.
• Tesla reported a quarterly earnings miss with earnings per share of $0.40, falling short of analysts' expectations of $0.43, and revenue decreased by 11.8% year-over-year.
• Insider trading has seen significant activity, with SVP Xiaotong Zhu and Director James R. Murdoch selling a combined total of 80,000 shares recently, indicating a 29.59% and 8.61% decrease in their respective ownerships.

Hartford Investment Management Co. lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 169,045 shares of the electric vehicle producer's stock after selling 1,704 shares during the quarter. Tesla comprises 1.7% of Hartford Investment Management Co.'s portfolio, making the stock its 9th largest holding. Hartford Investment Management Co.'s holdings in Tesla were worth $53,699,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Traveka Wealth LLC grew its holdings in Tesla by 25.1% during the 2nd quarter. Traveka Wealth LLC now owns 3,267 shares of the electric vehicle producer's stock valued at $1,038,000 after buying an additional 655 shares in the last quarter. MBE Wealth Management LLC purchased a new position in Tesla during the 2nd quarter valued at about $327,000. Old North State Wealth Management LLC grew its holdings in Tesla by 11.7% during the 2nd quarter. Old North State Wealth Management LLC now owns 1,745 shares of the electric vehicle producer's stock valued at $554,000 after buying an additional 183 shares in the last quarter. Cadent Capital Advisors LLC boosted its position in shares of Tesla by 81.2% during the 2nd quarter. Cadent Capital Advisors LLC now owns 6,856 shares of the electric vehicle producer's stock valued at $2,178,000 after acquiring an additional 3,072 shares during the last quarter. Finally, Kerntke Otto McGlone Wealth Management Group bought a new stake in shares of Tesla during the 2nd quarter valued at about $245,000. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $440.40 on Friday. The business has a 50 day moving average of $352.05 and a 200 day moving average of $314.42. The company has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 254.57, a PEG ratio of 14.77 and a beta of 2.06. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. 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 (NASDAQ:TSLA - Get Free Report) last released its 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). The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's quarterly revenue was down 11.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 EPS. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares of the company's stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,606 shares of company stock worth $77,360,462. 19.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their price target on Tesla from $300.00 to $395.00 and gave the company a "neutral" rating in a research report on Thursday, September 18th. Daiwa Capital Markets reiterated a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. Piper Sandler lifted their price target on Tesla from $400.00 to $500.00 and gave the company an "overweight" rating in a research report on Monday, September 22nd. Finally, China Renaissance reiterated a "hold" rating and set a $349.00 price target on shares of Tesla in a research report on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have given a Hold rating and nine have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Tesla presently has an average rating of "Hold" and a consensus price target of $332.33.

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.

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