Tesla, Inc. $TSLA Shares Sold by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its Tesla holdings by 3.5%, now owning 756,535 shares valued at approximately $196 million, making the stock its 11th largest position.
• Analysts have varying opinions on Tesla, with a consensus rating of "Hold" and an average price target set at $303.31, while one analyst rates it as a strong buy.
• Tesla recently reported disappointing earnings, with EPS of $0.40 missing expectations, and a revenue of $22.50 billion, representing an 11.8% decline year-over-year.

Corebridge Financial Inc. cut its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 756,535 shares of the electric vehicle producer's stock after selling 27,708 shares during the period. Tesla accounts for 1.1% of Corebridge Financial Inc.'s holdings, making the stock its 11th largest position. Corebridge Financial Inc.'s holdings in Tesla were worth $196,064,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. True Wealth Design LLC boosted its stake in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Acorn Wealth Advisors LLC boosted its stake in shares of Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after acquiring an additional 36 shares during the last quarter. Solutions 4 Wealth Ltd boosted its stake in shares of Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock worth $470,000 after acquiring an additional 36 shares during the last quarter. Capital Management Associates Inc boosted its stake in shares of Tesla by 3.4% in the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock worth $302,000 after acquiring an additional 38 shares during the last quarter. Finally, Mraz Amerine & Associates Inc. lifted its position in Tesla by 3.8% during the first quarter. Mraz Amerine & Associates Inc. now owns 1,054 shares of the electric vehicle producer's stock worth $278,000 after buying an additional 39 shares in the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Price Performance

NASDAQ:TSLA opened at $340.01 on Monday. Tesla, Inc. has a 52 week low of $202.59 and a 52 week high of $488.54. 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 company has a market capitalization of $1.10 trillion, a P/E ratio of 196.54, a P/E/G ratio of 11.82 and a beta of 2.33. The stock's fifty day moving average is $321.27 and its two-hundred day moving average is $302.58.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its 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). 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 analysts' expectations of $23.18 billion. During the same quarter in the prior year, the firm earned $0.52 EPS. Tesla's revenue for the quarter was down 11.8% compared to the same quarter last year. Equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Benchmark reiterated a "buy" rating and set a $475.00 price objective (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. China Renaissance reiterated a "hold" rating and set a $349.00 price objective on shares of Tesla in a research report on Friday, July 25th. Bank of America lifted their price objective on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Mizuho reduced their price objective on Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research report on Tuesday, July 8th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Thursday, July 24th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have assigned a Hold rating and nine have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Tesla currently has a consensus rating of "Hold" and an average price target of $303.31.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the business's 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 completion of the sale, the director owned 855,394 shares in the company, valued at $305,632,276.20. This represents a 35.83% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 599,724 shares of company stock worth $213,126,501 over the last quarter. 20.70% of the stock is owned by corporate insiders.

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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