China Universal Asset Management Co. Ltd. Cuts Holdings in Tesla, Inc. $TSLA

China Universal Asset Management Co. Ltd. reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 17.5% during the 2nd quarter, HoldingsChannel reports. The fund owned 44,569 shares of the electric vehicle producer’s stock after selling 9,479 shares during the period. Tesla accounts for 1.3% of China Universal Asset Management Co. Ltd.’s portfolio, making the stock its 13th biggest position. China Universal Asset Management Co. Ltd.’s holdings in Tesla were worth $14,158,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Chapman Financial Group LLC acquired a new stake in Tesla in the second quarter valued at approximately $26,000. Chelsea Counsel Co. lifted its position in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in Tesla in the 2nd quarter worth $29,000. CoreFirst Bank & Trust acquired a new position in Tesla during the second quarter worth $30,000. Finally, ESL Trust Services LLC lifted its holdings in Tesla by 1,900.0% during the second quarter. ESL Trust Services LLC now owns 100 shares of the electric vehicle producer’s stock valued at $32,000 after purchasing an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $458.96 on Monday. The company’s 50-day moving average is $435.52 and its two-hundred day moving average is $376.42. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. The firm has a market capitalization of $1.53 trillion, a price-to-earnings ratio of 305.97, a PEG ratio of 15.50 and a beta of 1.87.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating the consensus estimate of $0.48 by $0.02. The firm had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.72 EPS. Analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on TSLA shares. Roth Capital set a $505.00 target price on shares of Tesla and gave the stock a “buy” rating in a research note on Thursday, October 23rd. Truist Financial boosted their price objective on Tesla from $280.00 to $406.00 and gave the stock a “hold” rating in a research note on Thursday, October 23rd. Melius assumed coverage on Tesla in a research note on Monday, October 13th. They issued a “buy” rating and a $520.00 price target on the stock. Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $320.00 to $548.00 in a report on Friday, September 19th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Tesla from $440.00 to $470.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $399.33.

Insider Buying and Selling

In other news, Director Kimbal Musk sold 56,820 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The shares were sold at an average price of $450.66, for a total value of $25,606,501.20. Following the transaction, the director directly owned 1,391,615 shares in the company, valued at approximately $627,145,215.90. This represents a 3.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,637 shares of the stock in a transaction that occurred on Monday, December 8th. The stock was sold at an average price of $443.93, for a total transaction of $1,170,643.41. Following the transaction, the chief financial officer directly owned 13,757 shares of the company’s stock, valued at $6,107,145.01. The trade was a 16.09% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 19.90% of the stock is currently owned by insiders.

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.