Ballentine Partners LLC Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

Ballentine Partners LLC trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,118 shares of the electric vehicle producer’s stock after selling 4,170 shares during the quarter. Ballentine Partners LLC’s holdings in Tesla were worth $5,960,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Tesla in the fourth quarter worth approximately $7,844,757,000. Strategic Financial Concepts LLC grew its stake in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after buying an additional 5,875,484 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Tesla by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after buying an additional 3,866,361 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Tesla by 2,101.1% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock valued at $365,064,000 after buying an additional 1,402,443 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Tesla by 12.9% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock worth $1,731,430,000 after acquiring an additional 1,125,329 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Down 8.4 %

Shares of TSLA stock traded down $19.44 during midday trading on Friday, reaching $210.73. 111,432,758 shares of the stock were exchanged, compared to its average volume of 68,186,248. The firm has a market cap of $673.21 billion, a PE ratio of 53.76, a price-to-earnings-growth ratio of 5.80 and a beta of 2.29. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $224.47 and its two-hundred day moving average is $193.60. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $278.98.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same quarter last year, the company posted $0.78 EPS. Tesla’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, equities research analysts predict that Tesla, Inc. will post 1.75 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on TSLA shares. Citigroup lowered their price target on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Royal Bank of Canada decreased their price objective on Tesla from $227.00 to $224.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Mizuho boosted their target price on Tesla from $180.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 12th. Truist Financial reiterated a “hold” rating and set a $215.00 price target on shares of Tesla in a research report on Wednesday, August 14th. Finally, New Street Research lowered shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective for the company. in a report on Wednesday, July 24th. Nine investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $204.21.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now owns 85,000 shares in the company, valued at $18,696,600. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 25.10% of the stock is currently 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.