Wellington Management Group LLP Cuts Position in Tesla, Inc. $TSLA

Wellington Management Group LLP trimmed its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 12.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,888,253 shares of the electric vehicle producer’s stock after selling 1,285,882 shares during the period. Wellington Management Group LLP’s holdings in Tesla were worth $2,303,480,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC acquired a new stake in Tesla in the fourth quarter valued at $56,600,000. Means Investment CO. Inc. raised its stake in Tesla by 37.7% during the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock worth $5,984,000 after purchasing an additional 6,323 shares during the period. Focus Financial Network Inc. grew its holdings in shares of Tesla by 3.1% during the 1st quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock worth $5,823,000 after purchasing an additional 670 shares during the period. IFM Investors Pty Ltd grew its holdings in Tesla by 8.5% during the 1st quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock valued at $153,436,000 after purchasing an additional 46,087 shares in the last quarter. Finally, Harvard Management Co. Inc. purchased a new position in shares of Tesla during the 4th quarter valued at approximately $8,158,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tesla

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total value of $2,046,120.00. Following the sale, the chief financial officer directly owned 1,950 shares in the company, valued at approximately $664,989. This trade represents a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 599,724 shares of company stock valued at $213,126,501. Corporate insiders own 20.70% of the company’s stock.

Tesla Stock Down 1.5%

TSLA stock opened at $330.56 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1.07 trillion, a PE ratio of 191.08, a PEG ratio of 11.49 and a beta of 2.33. Tesla, Inc. has a 1-year low of $202.59 and a 1-year high of $488.54. The business’s 50 day simple moving average is $320.41 and its 200 day simple moving average is $304.57.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The firm’s revenue was down 11.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 earnings per share. As a group, research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

TSLA has been the subject of several research reports. Wedbush reaffirmed an “outperform” rating and issued a $500.00 price target on shares of Tesla in a report on Monday, August 4th. Daiwa Capital Markets reaffirmed a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Guggenheim reissued a “sell” rating and issued a $175.00 target price on shares of Tesla in a research report on Wednesday, July 23rd. Argus restated a “hold” rating on shares of Tesla in a research report on Monday, June 9th. Finally, Benchmark reiterated a “buy” rating and set a $475.00 price target (up from $350.00) on shares of Tesla in a report on Thursday, June 26th. Ten analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $303.31.

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.