Rhumbline Advisers Trims Stake in Tesla, Inc. $TSLA

by · The Cerbat Gem

Rhumbline Advisers lessened its holdings in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 0.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,179,984 shares of the electric vehicle producer’s stock after selling 44,532 shares during the quarter. Tesla makes up about 1.4% of Rhumbline Advisers’ investment portfolio, making the stock its 8th largest holding. Rhumbline Advisers owned about 0.16% of Tesla worth $1,645,474,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Goldman Sachs Group Inc. grew its position in shares of Tesla by 322.1% during the 1st 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 buying an additional 20,291,139 shares during the last quarter. Nuveen LLC bought a new position in Tesla in the first quarter worth about $3,247,619,000. Kingstone Capital Partners Texas LLC boosted its stake in Tesla by 581,880.5% in the second quarter. Kingstone Capital Partners Texas LLC now owns 6,436,704 shares of the electric vehicle producer’s stock valued at $2,044,683,000 after acquiring an additional 6,435,598 shares during the period. Vanguard Group Inc. grew its holdings in shares of Tesla by 1.8% during the second quarter. Vanguard Group Inc. now owns 251,390,681 shares of the electric vehicle producer’s stock valued at $79,856,764,000 after purchasing an additional 4,502,976 shares during the last quarter. Finally, Amundi raised its position in shares of Tesla by 29.4% during the 1st quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer’s stock worth $4,482,789,000 after purchasing an additional 3,814,610 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Stock Performance

Shares of TSLA opened at $391.09 on Friday. The firm has a market capitalization of $1.30 trillion, a PE ratio of 260.73, a P/E/G ratio of 16.84 and a beta of 2.06. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $433.55 and a 200 day moving average price of $364.31. Tesla, Inc. has a 52-week low of $214.25 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA – Get Free Report) last released its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. The company had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. Tesla’s revenue was up 11.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 EPS. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the sale, the director owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 202,606 shares of company stock worth $75,588,902 over the last ninety days. Company insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the subject of a number of recent research reports. President Capital upped their price objective on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. Piper Sandler boosted their price target on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a report on Monday, September 22nd. Stifel Nicolaus upped their price target on shares of Tesla from $483.00 to $508.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Finally, New Street Research boosted their target price on shares of Tesla from $465.00 to $520.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have given a Hold rating and ten have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $394.31.

Check Out Our Latest Report on Tesla

Tesla Company Profile

(Free Report)

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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