Primecap Management Co. CA Sells 215,880 Shares of Tesla, Inc. (NASDAQ:TSLA)

Primecap Management Co. CA lessened its holdings in Tesla, Inc. (NASDAQ:TSLA) by 2.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,823,200 shares of the electric vehicle producer’s stock after selling 215,880 shares during the quarter. Tesla accounts for approximately 1.3% of Primecap Management Co. CA’s holdings, making the stock its 20th biggest holding. Primecap Management Co. CA’s holdings in Tesla were worth $1,745,935,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TSLA. Strategic Financial Concepts LLC boosted its stake in Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after buying an additional 5,875,484 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Tesla by 2,101.1% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock worth $365,064,000 after purchasing an additional 1,402,443 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its position in Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after buying an additional 1,125,329 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. grew its stake in Tesla by 60.2% during the first quarter. Nikko Asset Management Americas Inc. now owns 2,854,198 shares of the electric vehicle producer’s stock worth $501,654,000 after buying an additional 1,072,366 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The disclosure for this sale can be found here. Corporate insiders own 25.10% of the company’s stock.

Tesla Trading Down 1.5 %

NASDAQ:TSLA opened at $226.78 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The business’s 50-day simple moving average is $222.85 and its 200-day simple moving average is $194.75. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $273.93. The stock has a market capitalization of $723.25 billion, a PE ratio of 57.85, a price-to-earnings-growth ratio of 6.08 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the previous year, the firm posted $0.78 EPS. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Sell-side analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Wednesday, July 24th. Robert W. Baird restated an “outperform” rating and set a $280.00 target price on shares of Tesla in a report on Tuesday, August 20th. The Goldman Sachs Group lowered their target price on Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. William Blair began coverage on shares of Tesla in a report on Thursday, August 29th. They set an “outperform” rating on the stock. Finally, HSBC boosted their target price on shares of Tesla from $120.00 to $130.00 in a research note on Wednesday, July 10th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $209.60.

About Tesla

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.