Principal Financial Group Inc. cut its stake in Tesla Inc. (NASDAQ:TSLA) by 2.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,914 shares of the electric vehicle producer’s stock after selling 217 shares during the period. Principal Financial Group Inc.’s holdings in Tesla were worth $2,202,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in TSLA. Crestwood Advisors Group LLC bought a new stake in Tesla during the first quarter valued at approximately $101,000. Advisory Services Network LLC bought a new stake in Tesla during the first quarter valued at approximately $122,000. Korea Investment CORP raised its stake in Tesla by 225.0% in the first quarter. Korea Investment CORP now owns 494 shares of the electric vehicle producer’s stock valued at $137,000 after buying an additional 342 shares during the period. Gluskin Sheff & Assoc Inc. bought a new stake in Tesla during the first quarter valued at approximately $219,000. Finally, State of Alaska Department of Revenue bought a new stake in Tesla during the first quarter valued at approximately $201,000. Hedge funds and other institutional investors own 63.71% of the company’s stock.
Shares of Tesla Inc. (TSLA) opened at 363.53 on Thursday. The stock’s market capitalization is $60.06 billion. The stock has a 50 day moving average price of $342.69 and a 200 day moving average price of $305.52. Tesla Inc. has a 12-month low of $178.19 and a 12-month high of $386.99.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, August 2nd. The electric vehicle producer reported ($1.33) EPS for the quarter, topping the Zacks’ consensus estimate of ($2.00) by $0.67. The business had revenue of $2.79 billion during the quarter, compared to the consensus estimate of $2.50 billion. Tesla had a negative return on equity of 16.36% and a negative net margin of 7.61%. The company’s revenue for the quarter was up 119.6% compared to the same quarter last year. During the same period last year, the firm earned ($1.06) earnings per share. On average, equities analysts anticipate that Tesla Inc. will post ($6.23) earnings per share for the current fiscal year.
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TSLA has been the topic of several analyst reports. Vetr raised Tesla from a “buy” rating to a “strong-buy” rating and set a $374.78 target price on the stock in a report on Thursday, July 27th. Goldman Sachs Group, Inc. (The) reissued a “sell” rating and issued a $180.00 price objective (down from $190.00) on shares of Tesla in a report on Monday, July 31st. Bank of America Corporation dropped their price objective on Tesla from $170.00 to $165.00 and set an “underperform” rating on the stock in a report on Wednesday, April 26th. Sanford C. Bernstein set a $265.00 price objective on Tesla and gave the company a “neutral” rating in a report on Thursday, July 27th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $305.00 price objective on shares of Tesla in a report on Wednesday, April 26th. Seven analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Tesla currently has an average rating of “Hold” and a consensus price target of $309.65.
In related news, Director Kimbal Musk sold 2,190 shares of Tesla stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $321.36, for a total value of $703,778.40. Following the completion of the transaction, the director now directly owns 160,274 shares in the company, valued at $51,505,652.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 23.10% of the stock is currently owned by company insiders.
About Tesla
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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