5,009 Tesla, Inc. $TSLA Shares Sold by M&G PLC

M&G PLC lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 42.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,891 shares of the electric vehicle producer’s stock after selling 5,009 shares during the period. M&G PLC’s holdings in Tesla were worth $2,446,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Tesla by 2.4% during the second quarter. State Street Corp now owns 117,456,756 shares of the electric vehicle producer’s stock worth $49,402,312,000 after buying an additional 2,761,298 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of Tesla in the second quarter valued at about $8,535,612,000. Amundi grew its stake in shares of Tesla by 14.0% in the first quarter. Amundi now owns 22,174,884 shares of the electric vehicle producer’s stock valued at $8,243,513,000 after acquiring an additional 2,727,141 shares in the last quarter. Bank of New York Mellon Corp bought a new position in Tesla during the second quarter worth about $6,083,630,000. Finally, Bamco Inc. NY increased its position in Tesla by 5.0% during the second quarter. Bamco Inc. NY now owns 12,524,752 shares of the electric vehicle producer’s stock worth $5,267,911,000 after acquiring an additional 591,243 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Key Tesla News

These are some of the TSLA news items that stood out recently:

• Positive Sentiment: Finland approved Tesla’s supervised driver-assistance system for use on its roads. The decision could help Tesla build momentum in Europe, though broader EU approval is still pending and the system may face limitations. Reuters: Finland approves Tesla’s Assisted Driving system
• Negative Sentiment: Tesla’s October retail sales in China were reported to be their weakest since 2022, raising questions about demand and the company’s ability to meet year-end targets in a major market. Barron’s: Tesla’s China Sales Hit Lowest Since 2022
• Negative Sentiment: Jefferies downgraded Tesla from “strong buy” to “hold,” adding a cautious analyst signal amid concerns about the company’s outlook and valuation.

Analyst Ratings Changes

Several brokerages have weighed in on TSLA. Jefferies Financial Group cut shares of Tesla from a “strong-buy” rating to a “hold” rating in a research note on Monday. Yorkville Ives initiated coverage on shares of Tesla in a research report on Wednesday, October 7th. They set an “outperform” rating and a $500.00 target price on the stock. Morgan Stanley raised shares of Tesla from a “reduce” rating to an “overweight” rating in a report on Monday, October 26th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research report on Thursday, October 22nd. Finally, Deutsche Bank assumed coverage on Tesla in a research note on Monday, October 26th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, seventeen have assigned a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $414.51.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the transaction, the chief financial officer directly owned 25,972 shares of the company’s stock, valued at $9,353,296.36. This trade represents a 9.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 20.00% of the stock is owned by company insiders.

Tesla Stock Up 2.9%

TSLA stock opened at $390.82 on Thursday. Tesla, Inc. has a 52 week low of $297.38 and a 52 week high of $498.83. The business has a 50-day simple moving average of $373.66 and a 200 day simple moving average of $383.44. The company has a quick ratio of 1.39, a current ratio of 1.74 and a debt-to-equity ratio of 0.09. The company has a market cap of $1.54 trillion, a PE ratio of 429.48, a price-to-earnings-growth ratio of 23.53 and a beta of 1.74.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 21st. The electric vehicle producer reported $0.48 EPS for the quarter, beating the consensus estimate of $0.46 by $0.02. Tesla had a net margin of 3.11% and a return on equity of 3.03%. The company had revenue of $28.05 billion during the quarter, compared to analysts’ expectations of $28.06 billion. During the same period in the previous year, the company earned $0.50 EPS. The business’s revenue for the quarter was down .2% compared to the same quarter last year. Sell-side analysts anticipate that Tesla, Inc. will post 0.67 EPS for the current fiscal year.

Tesla Company Profile

Tesla, Inc. designs, develops, manufactures and sells electric vehicles and energy products. Its vehicle lineup includes the Model S, Model 3, Model X, Model Y and Cybertruck, along with related software and services. The company also provides energy generation and storage products, including solar systems, Powerwall home batteries and Megapack utility-scale storage. Its services include vehicle maintenance, charging through the Supercharger network and software features for its vehicles. Founded in 2003 and headquartered in Austin, Texas, Tesla serves customers in markets around the world.