UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 1,011,859 Shares of Tesla, Inc. (NASDAQ:TSLA)

Key Points

• UBS Asset Management reduced its stake in Tesla, selling 1,011,859 shares, resulting in a 4.1% decrease, while still holding 23,524,660 shares valued at approximately $6.1 billion.
• Several institutional investors, including Vanguard and Goldman Sachs, increased their stakes in Tesla, with Vanguard acquiring an additional 3.7 million shares worth nearly $64 billion.
• Tesla's recent quarterly earnings revealed a missed EPS estimate of $0.40, compared to the expected $0.43, alongside a revenue decline of 11.8% year-over-year, totaling $22.5 billion.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,524,660 shares of the electric vehicle producer's stock after selling 1,011,859 shares during the period. Tesla accounts for 1.6% of UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC's portfolio, making the stock its 5th largest holding. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.73% of Tesla worth $6,096,651,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Tesla by 1.5% in the first quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after acquiring an additional 3,694,524 shares during the last quarter. Northern Trust Corp boosted its stake in Tesla by 21.6% during the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer's stock worth $11,541,592,000 after buying an additional 5,075,418 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in 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 worth $6,891,201,000 after buying an additional 20,291,139 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after buying an additional 849,091 shares in the last quarter. Finally, Amundi boosted its stake in Tesla by 29.4% during the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after buying an additional 3,814,610 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Tesla Price Performance

Shares of TSLA opened at $339.38 on Thursday. The stock has a market capitalization of $1.09 trillion, a P/E ratio of 196.17, a P/E/G ratio of 11.85 and a beta of 2.33. Tesla, Inc. has a twelve month low of $198.75 and a twelve month high of $488.54. The company has a 50 day moving average of $318.69 and a 200-day 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 released its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The company's quarterly revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. As a group, equities research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Morgan Stanley reiterated an "overweight" rating and set a $410.00 price target on shares of Tesla in a research note on Friday, June 6th. 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 note on Monday, July 21st. Cantor Fitzgerald reduced their target price on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Daiwa Capital Markets restated a "neutral" rating on shares of Tesla in a research note on Sunday, July 27th. Finally, Robert W. Baird restated a "neutral" rating and issued a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $303.31.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at approximately $1,777,200. This represents a 25.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president directly owned 67,600 shares of the company's stock, valued at $21,889,556. This represents a 18.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 602,724 shares of company stock worth $214,176,831. 20.70% of the stock is owned by corporate insiders.

Tesla Company 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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