Tesla, Inc. $TSLA Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp reduced its Tesla stake by 8.3% in the fourth quarter, selling 4,010 shares and ending with 44,191 shares worth about $19.9 million.
• Several other major institutions also adjusted Tesla holdings, with firms like Vanguard, State Street, Geode, and Capital World Investors increasing positions; overall, institutional investors and hedge funds own 66.2% of Tesla shares.
• Tesla has seen mixed Wall Street sentiment, with analysts holding a consensus "Hold" rating and average target price of $395.20, while the stock recently traded at $423.74 after the company reported quarterly EPS that beat estimates but revenue that came in slightly below forecasts.

Westpac Banking Corp lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,191 shares of the electric vehicle producer's stock after selling 4,010 shares during the period. Tesla makes up approximately 1.3% of Westpac Banking Corp's portfolio, making the stock its 10th largest position. Westpac Banking Corp's holdings in Tesla were worth $19,874,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSLA. Vanguard Group Inc. boosted its position in shares of Tesla by 2.6% during the 4th quarter. Vanguard Group Inc. now owns 258,925,024 shares of the electric vehicle producer's stock worth $116,443,762,000 after purchasing an additional 6,538,720 shares during the period. State Street Corp boosted its position in shares of Tesla by 0.3% during the 3rd quarter. State Street Corp now owns 113,762,849 shares of the electric vehicle producer's stock worth $50,592,614,000 after purchasing an additional 344,162 shares during the period. Geode Capital Management LLC boosted its position in shares of Tesla by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 65,700,975 shares of the electric vehicle producer's stock worth $29,426,070,000 after purchasing an additional 375,946 shares during the period. Capital World Investors boosted its position in shares of Tesla by 5.8% during the 3rd quarter. Capital World Investors now owns 44,035,949 shares of the electric vehicle producer's stock worth $19,583,547,000 after purchasing an additional 2,403,019 shares during the period. Finally, Norges Bank purchased a new position in shares of Tesla during the 4th quarter worth approximately $17,128,100,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 3,000 shares of the firm's stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $450.00, for a total value of $1,350,000.00. Following the sale, the chief financial officer directly owned 18,106 shares in the company, valued at approximately $8,147,700. This trade represents a 14.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kathleen Wilson-Thompson sold 26,409 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $378.11, for a total transaction of $9,985,506.99. Following the completion of the sale, the director owned 48,399 shares in the company, valued at $18,300,145.89. The trade was a 35.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 57,482 shares of company stock worth $21,508,331 over the last 90 days. Company insiders own 19.90% of the company's stock.

Key Headlines Impacting Tesla

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: China-made EV sales climbed nearly 40% in May, and Tesla’s European registrations also rebounded strongly, signaling improving demand and helping support the stock. Reuters: Tesla's Chinese-made EV sales rise 39.4% in May
• Positive Sentiment: Estonia cleared Tesla’s Full Self-Driving driver-assistance system for use, adding another regulatory green light for Tesla’s software ambitions. Insider Monkey/Reuters: Estonia Clears Tesla’s FSD

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. China Renaissance lowered their price objective on shares of Tesla from $382.00 to $372.00 and set a "hold" rating for the company in a research report on Monday, April 27th. Phillip Securities lowered their price objective on shares of Tesla from $220.00 to $215.00 and set a "sell" rating for the company in a research report on Wednesday, May 13th. Glj Research reaffirmed a "sell" rating on shares of Tesla in a research report on Tuesday, April 21st. Royal Bank Of Canada reaffirmed a "buy" rating on shares of Tesla in a research report on Monday, April 27th. Finally, Canaccord Genuity Group increased their price objective on shares of Tesla from $420.00 to $450.00 and gave the stock a "buy" rating in a research report on Thursday, April 23rd. Nineteen equities research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $395.20.

Tesla Stock Performance

Shares of TSLA stock opened at $423.74 on Wednesday. The company has a quick ratio of 1.62, a current ratio of 2.04 and a debt-to-equity ratio of 0.09. Tesla, Inc. has a 52 week low of $273.21 and a 52 week high of $498.83. The stock has a market capitalization of $1.59 trillion, a PE ratio of 388.75, a P/E/G ratio of 16.42 and a beta of 1.80. The firm has a 50 day moving average of $392.55 and a two-hundred day moving average of $416.03.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS for the quarter, beating the consensus estimate of $0.39 by $0.02. Tesla had a net margin of 3.95% and a return on equity of 4.89%. The company had revenue of $22.39 billion during the quarter, compared to analysts' expectations of $22.96 billion. During the same quarter last year, the company posted $0.27 EPS. The firm's revenue was up 15.8% compared to the same quarter last year. On average, research analysts predict that Tesla, Inc. will post 1.2 EPS for the current fiscal year.

Tesla Profile

Tesla, Inc NASDAQ: TSLA is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company's stated mission is to accelerate the world's transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla's automotive business includes a lineup of battery‑electric vehicles and related services.

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