Russell Investments Group Ltd. Lowers Position in Tesla Inc. (NASDAQ:TSLA)
Russell Investments Group Ltd. reduced its stake in shares of Tesla Inc. (NASDAQ:TSLA) by 8.2% during the second quarter, Holdings Channel reports. The institutional investor owned 41,988 shares of the electric vehicle producer’s stock after selling 3,768 shares during the period. Russell Investments Group Ltd.’s holdings in Tesla were worth $15,183,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Lincoln National Corp purchased a new stake in shares of Tesla during the first quarter valued at about $226,000. Perigon Wealth Management LLC increased its stake in shares of Tesla by 0.9% in the first quarter. Perigon Wealth Management LLC now owns 8,025 shares of the electric vehicle producer’s stock valued at $2,233,000 after buying an additional 74 shares during the period. Vanguard Group Inc. increased its stake in shares of Tesla by 5.0% in the first quarter. Vanguard Group Inc. now owns 5,934,799 shares of the electric vehicle producer’s stock valued at $1,651,654,000 after buying an additional 280,941 shares during the period. Gemmer Asset Management LLC increased its stake in shares of Tesla by 8.3% in the first quarter. Gemmer Asset Management LLC now owns 759 shares of the electric vehicle producer’s stock valued at $211,000 after buying an additional 58 shares during the period. Finally, Main Street Research LLC purchased a new stake in shares of Tesla during the second quarter valued at about $602,000. 63.71% of the stock is currently owned by institutional investors.
Tesla Inc. (TSLA) traded down 1.0370% during mid-day trading on Thursday, hitting $359.7603. 4,880,468 shares of the stock traded hands. The stock’s market capitalization is $60.04 billion. The company has a 50 day moving average price of $342.44 and a 200-day moving average price of $305.94. Tesla Inc. has a one year low of $178.19 and a one year high of $386.99.
Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, beating the consensus estimate of ($2.00) by $0.67. The company had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Tesla had a negative net margin of 7.61% and a negative return on equity of 16.36%. The business’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.06) EPS. Equities analysts anticipate that Tesla Inc. will post ($6.29) earnings per share for the current fiscal year.
Several analysts have issued reports on TSLA shares. Vetr raised shares of Tesla from a “buy” rating to a “strong-buy” rating and set a $374.78 target price on the stock in a research note on Thursday, July 27th. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and set a $180.00 target price (down from $190.00) on shares of Tesla in a research note on Monday, July 31st. Bank of America Corporation cut their target price on shares of Tesla from $170.00 to $165.00 and set an “underperform” rating on the stock in a research note on Wednesday, April 26th. Sanford C. Bernstein set a $265.00 target price on shares of Tesla and gave the company a “neutral” rating in a research note on Thursday, July 27th. Finally, Morgan Stanley reissued an “overweight” rating and set a $305.00 target price on shares of Tesla in a research note on Wednesday, April 26th. Seven analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $309.65.
In related news, Director Kimbal Musk sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $321.36, for a total transaction of $703,778.40. Following the completion of the transaction, the director now directly owns 160,274 shares in the company, valued at approximately $51,505,652.64. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 23.10% of the stock is currently owned by insiders.
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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