Sumitomo Mitsui Trust Group Inc. Cuts Holdings in Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Tesla, Inc. (NASDAQ:TSLA) by 5.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,528,852 shares of the electric vehicle producer’s stock after selling 454,956 shares during the quarter. Tesla comprises about 1.5% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 7th biggest position. Sumitomo Mitsui Trust Group Inc. owned approximately 0.27% of Tesla worth $2,231,404,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TSLA. Bank & Trust Co acquired a new stake in shares of Tesla in the 2nd quarter valued at about $25,000. Valley Wealth Managers Inc. acquired a new position in Tesla during the second quarter worth $26,000. Abich Financial Wealth Management LLC boosted its holdings in Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares during the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Tesla in the 3rd quarter worth $29,000. Finally, Clean Yield Group lifted its position in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $350.00 on Tuesday. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $358.64. The firm has a market capitalization of $1.12 trillion, a price-to-earnings ratio of 95.89, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. The firm has a 50 day moving average of $243.90 and a 200 day moving average of $217.03.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. During the same period in the prior year, the business posted $0.53 EPS. Tesla’s revenue was up 7.8% on a year-over-year basis. On average, research analysts anticipate that Tesla, Inc. will post 1.96 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the transaction, the director now directly owns 1,563,220 shares in the company, valued at $391,164,540.60. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $251.76, for a total value of $1,007,040.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at approximately $26,442,856.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 76,797 shares of company stock worth $19,211,821. Corporate insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Piper Sandler increased their price objective on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Guggenheim upped their price objective on Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday, October 24th. Canaccord Genuity Group increased their price target on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. KGI Securities raised Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price objective for the company in a report on Thursday, October 24th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $280.00 price target on shares of Tesla in a research report on Tuesday, August 20th. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $225.06.

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.