Acadian Asset Management LLC Sells 43,398 Shares of Tesla, Inc. $TSLA

Acadian Asset Management LLC trimmed its stake in Tesla, Inc. (NASDAQ:TSLA) by 10.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 372,285 shares of the electric vehicle producer’s stock after selling 43,398 shares during the period. Acadian Asset Management LLC’s holdings in Tesla were worth $96,465,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Cherry Tree Wealth Management LLC boosted its stake in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank boosted its stake in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC boosted its stake in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the first quarter worth approximately $27,000. Finally, Centennial Bank AR boosted its stake in Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock worth $29,000 after buying an additional 100 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Price Performance

TSLA opened at $351.22 on Wednesday. The stock has a fifty day simple moving average of $325.50 and a two-hundred day simple moving average of $302.26. 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 company has a market cap of $1.13 trillion, a price-to-earnings ratio of 202.81, a price-to-earnings-growth ratio of 12.08 and a beta of 2.06. Tesla, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter last year, the company posted $0.52 EPS. Tesla’s revenue for the quarter was down 11.8% compared to the same quarter last year. Research analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In other news, Director James R. Murdoch sold 120,000 shares of the firm’s stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 15,000 shares of the firm’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total value of $4,857,150.00. Following the transaction, the senior vice president owned 67,600 shares of the company’s stock, valued at $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 143,606 shares of company stock worth $49,581,812 over the last three months. 20.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on TSLA shares. Robert W. Baird reissued a “neutral” rating and set a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. Canaccord Genuity Group increased their price objective on Tesla from $303.00 to $333.00 and gave the company a “buy” rating in a research note on Thursday, July 24th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a research note on Thursday, July 24th. Baird R W downgraded Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Finally, Piper Sandler restated an “overweight” rating and set a $400.00 target price on shares of Tesla in a report on Tuesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have issued a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat.com, Tesla has a consensus rating of “Hold” and a consensus target price of $303.00.

Tesla Profile

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.