Lord Abbett & CO. LLC Cuts Holdings in Tesla, Inc. (NASDAQ:TSLA)


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Lord Abbett & CO. LLC reduced its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 428,929 shares of the electric vehicle producer’s stock after selling 24,654 shares during the quarter. Tesla comprises about 0.8% of Lord Abbett & CO. LLC’s investment portfolio, making the stock its 8th largest holding. Lord Abbett & CO. LLC’s holdings in Tesla were worth $302,682,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of TSLA. Occidental Asset Management LLC grew its holdings in Tesla by 96.7% during the fourth quarter. Occidental Asset Management LLC now owns 1,593 shares of the electric vehicle producer’s stock worth $1,124,000 after acquiring an additional 783 shares during the period. Altium Wealth Management LLC grew its holdings in Tesla by 29.5% during the fourth quarter. Altium Wealth Management LLC now owns 3,498 shares of the electric vehicle producer’s stock worth $2,468,000 after acquiring an additional 796 shares during the period. 180 Wealth Advisors LLC increased its stake in Tesla by 190.3% in the 4th quarter. 180 Wealth Advisors LLC now owns 4,935 shares of the electric vehicle producer’s stock worth $4,168,000 after purchasing an additional 3,235 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Tesla by 23.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 8,459 shares of the electric vehicle producer’s stock worth $3,629,000 after purchasing an additional 1,607 shares in the last quarter. Finally, Sandy Spring Bank increased its stake in Tesla by 1,259.2% in the 3rd quarter. Sandy Spring Bank now owns 2,433 shares of the electric vehicle producer’s stock worth $1,044,000 after purchasing an additional 2,254 shares in the last quarter. Institutional investors and hedge funds own 41.39% of the company’s stock.

TSLA has been the topic of a number of analyst reports. JMP Securities cut Tesla from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 28th. They noted that the move was a valuation call. The Goldman Sachs Group lowered Tesla from a “neutral” rating to a “sell” rating in a report on Tuesday, February 2nd. Jefferies Financial Group lowered Tesla from a “buy” rating to a “hold” rating in a report on Thursday, December 10th. Smith Barney Citigroup lifted their price target on Tesla from $117.00 to $137.00 in a report on Tuesday, October 27th. Finally, Roth Capital reiterated a “neutral” rating and set a $150.00 price target on shares of Tesla in a report on Thursday, January 28th. Twelve research analysts have rated the stock with a sell rating, fourteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Tesla has a consensus rating of “Hold” and an average target price of $338.99.

Tesla stock traded down $88.06 on Tuesday, reaching $626.44. The company’s stock had a trading volume of 573,993 shares, compared to its average volume of 30,738,014. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.32 and a current ratio of 1.63. Tesla, Inc. has a twelve month low of $70.10 and a twelve month high of $900.40. The company has a market cap of $601.29 billion, a price-to-earnings ratio of 1,335.34, a PEG ratio of 8.81 and a beta of 2.18. The business’s fifty day moving average price is $827.41 and its 200 day moving average price is $561.79.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 27th. The electric vehicle producer reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.17. The business had revenue of $10.70 billion for the quarter, compared to analyst estimates of $10.38 billion. Tesla had a return on equity of 4.93% and a net margin of 1.97%. The firm’s revenue for the quarter was up 44.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. As a group, equities analysts forecast that Tesla, Inc. will post 1.02 earnings per share for the current year.

In related news, Director Robyn M. Denholm sold 43,610 shares of the company’s stock in a transaction dated Monday, December 7th. The stock was sold at an average price of $609.55, for a total value of $26,582,475.50. Following the completion of the sale, the director now owns 48,610 shares in the company, valued at $29,630,225.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Andrew D. Baglino sold 1,500 shares of the company’s stock in a transaction dated Wednesday, January 27th. The shares were sold at an average price of $870.35, for a total value of $1,305,525.00. Following the completion of the sale, the senior vice president now owns 20,726 shares of the company’s stock, valued at approximately $18,038,874.10. The disclosure for this sale can be found here. Insiders sold 131,323 shares of company stock valued at $93,966,505 in the last quarter. 23.00% of the stock is currently 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, Netherlands, Norway, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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