Pinebridge Investments L.P. Has $100.11 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Pinebridge Investments L.P. cut its stake in Tesla, Inc. (NASDAQ:TSLAFree Report) by 12.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 402,901 shares of the electric vehicle producer’s stock after selling 57,151 shares during the quarter. Tesla accounts for about 0.9% of Pinebridge Investments L.P.’s portfolio, making the stock its 16th biggest position. Pinebridge Investments L.P.’s holdings in Tesla were worth $100,113,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of TSLA. WealthPlan Investment Management LLC raised its stake in shares of Tesla by 20,641.9% in the third quarter. WealthPlan Investment Management LLC now owns 12,860 shares of the electric vehicle producer’s stock worth $3,218,000 after purchasing an additional 12,798 shares during the last quarter. PGGM Investments bought a new position in shares of Tesla in the third quarter valued at approximately $2,879,000. Argent Trust Co grew its holdings in shares of Tesla by 10.7% in the third quarter. Argent Trust Co now owns 11,804 shares of the electric vehicle producer’s stock valued at $2,954,000 after acquiring an additional 1,137 shares in the last quarter. Atria Wealth Solutions Inc. grew its holdings in shares of Tesla by 4.1% in the third quarter. Atria Wealth Solutions Inc. now owns 220,478 shares of the electric vehicle producer’s stock valued at $55,168,000 after acquiring an additional 8,665 shares in the last quarter. Finally, Journey Strategic Wealth LLC grew its holdings in shares of Tesla by 53.1% in the third quarter. Journey Strategic Wealth LLC now owns 4,370 shares of the electric vehicle producer’s stock valued at $1,093,000 after acquiring an additional 1,516 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

NASDAQ TSLA traded up $2.94 during trading hours on Thursday, reaching $177.94. 69,760,291 shares of the stock traded hands, compared to its average volume of 97,892,531. The stock has a 50 day simple moving average of $172.15 and a two-hundred day simple moving average of $198.16. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $299.29. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.72 and a quick ratio of 1.17. The company has a market cap of $567.49 billion, a price-to-earnings ratio of 45.39, a price-to-earnings-growth ratio of 4.31 and a beta of 2.32.

Tesla (NASDAQ:TSLAGet Free Report) last released its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. Tesla had a return on equity of 13.18% and a net margin of 14.37%. The business had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. On average, analysts predict that Tesla, Inc. will post 1.88 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the subject of several recent analyst reports. Jefferies Financial Group reduced their target price on Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a report on Wednesday, April 10th. Sanford C. Bernstein reduced their price objective on Tesla from $150.00 to $120.00 and set an “underperform” rating for the company in a report on Tuesday, March 26th. Canaccord Genuity Group reduced their price objective on Tesla from $234.00 to $222.00 and set a “buy” rating for the company in a report on Wednesday, April 24th. JPMorgan Chase & Co. reduced their price objective on Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a report on Wednesday, April 3rd. Finally, Royal Bank of Canada reduced their price objective on Tesla from $294.00 to $293.00 and set an “outperform” rating for the company in a report on Wednesday, April 24th. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $185.90.

View Our Latest Analysis on Tesla

Insider Buying and Selling at Tesla

In other news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the transaction, the director now owns 15,000 shares in the company, valued at $2,631,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $176.20, for a total value of $1,850,100.00. Following the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at $5,502,726. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the completion of the sale, the director now directly owns 15,000 shares in the company, valued at $2,631,600. The disclosure for this sale can be found here. Insiders have sold 197,910 shares of company stock worth $35,612,012 over the last 90 days. Corporate insiders own 25.10% of the company’s stock.

About Tesla

(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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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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