Allspring Global Investments Holdings LLC Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Allspring Global Investments Holdings LLC cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 277,003 shares of the electric vehicle producer’s stock after selling 12,614 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Tesla were worth $74,364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of TSLA. Rinkey Investments raised its position in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock valued at $347,000 after purchasing an additional 29 shares during the last quarter. Ndwm LLC raised its position in Tesla by 0.8% during the 4th quarter. Ndwm LLC now owns 3,563 shares of the electric vehicle producer’s stock valued at $1,439,000 after purchasing an additional 30 shares during the last quarter. Bell Investment Advisors Inc raised its position in Tesla by 1.3% during the 4th quarter. Bell Investment Advisors Inc now owns 2,339 shares of the electric vehicle producer’s stock valued at $945,000 after purchasing an additional 30 shares during the last quarter. Pitti Group Wealth Management LLC raised its position in Tesla by 2.2% during the 4th quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer’s stock valued at $594,000 after purchasing an additional 31 shares during the last quarter. Finally, True Wealth Design LLC raised its position in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 31 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Oppenheimer reaffirmed a “mixed” rating on shares of Tesla in a research report on Tuesday, March 18th. Baird R W lowered Tesla from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 9th. Bank of America lowered their price target on Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Cantor Fitzgerald decreased their target price on Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Finally, Piper Sandler reissued an “overweight” rating and issued a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Ten investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Tesla currently has a consensus rating of “Hold” and an average target price of $298.37.

Tesla Stock Performance

Shares of TSLA opened at $323.63 on Friday. The business’s fifty day simple moving average is $314.93 and its two-hundred day simple moving average is $329.82. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a market cap of $1.04 trillion, a price-to-earnings ratio of 177.82, a P/E/G ratio of 12.10 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same quarter last year, the business earned $0.45 earnings per share. Research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president now directly owns 67,600 shares in the company, valued at $21,889,556. This trade represents a 18.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now owns 26,950 shares in the company, valued at $6,737,500. This trade represents a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 833,509 shares of company stock worth $278,648,925 in the last ninety days. Insiders own 20.70% of the company’s stock.

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.