Tesla, Inc. $TSLA Stake Decreased by Jacobi Capital Management LLC

Key Points

• Jacobi Capital Management LLC reduced its Tesla holdings by 8.4% in Q1, now owning 8,352 shares valued at $2.16 million.
• Other institutional investors, including Goldman Sachs and Vanguard Group, significantly increased their stakes in Tesla during the same period.
• Tesla's stock has received mixed analyst ratings, with an average target price of $303.00, indicating a general sentiment of "Hold" among analysts.

Jacobi Capital Management LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,352 shares of the electric vehicle producer's stock after selling 764 shares during the period. Jacobi Capital Management LLC's holdings in Tesla were worth $2,164,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in shares of Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after acquiring an additional 20,291,139 shares during the period. Nuveen LLC acquired a new position in shares of Tesla during the first quarter valued at approximately $3,247,619,000. GAMMA Investing LLC increased its stake in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer's stock valued at $2,542,960,000 after acquiring an additional 9,776,607 shares during the period. Amundi increased its stake in shares of Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock valued at $4,482,789,000 after acquiring an additional 3,814,610 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Tesla by 1.5% during the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock valued at $63,983,418,000 after acquiring an additional 3,694,524 shares during the period. Institutional investors own 66.20% of the company's stock.

Analyst Ratings Changes

Several research firms have issued reports on TSLA. Bank of America lifted their price target on shares of Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Baird R W lowered shares of Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Piper Sandler restated an "overweight" rating and issued a $400.00 price target on shares of Tesla in a research report on Tuesday, June 10th. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. Finally, The Goldman Sachs Group restated a "neutral" rating on shares of Tesla in a research report on Sunday, August 17th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the company's stock. According to data from MarketBeat, Tesla currently has an average rating of "Hold" and an average target price of $303.00.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director owned 697,031 shares of the company's stock, valued at $244,162,988.99. This trade represents a 14.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the sale, the chief financial officer directly owned 9,856 shares of the company's stock, valued at $3,473,057.28. This trade represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 128,606 shares of company stock valued at $44,724,662 in the last three months. Company insiders own 20.70% of the company's stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $368.81 on Friday. The company's fifty day moving average is $327.25 and its two-hundred day moving average is $302.84. 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, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54. The company has a market cap of $1.19 trillion, a P/E ratio of 213.18, a price-to-earnings-growth ratio of 12.13 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period last year, the firm earned $0.52 earnings per share. 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 earnings per share for the current fiscal year.

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.

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