Magnetar Financial LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Magnetar Financial LLC lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 35.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,983 shares of the electric vehicle producer’s stock after selling 5,911 shares during the quarter. Magnetar Financial LLC’s holdings in Tesla were worth $1,931,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TSLA. Fort Washington Investment Advisors Inc. OH grew its holdings in Tesla by 30.6% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 1,708 shares of the electric vehicle producer’s stock valued at $424,000 after buying an additional 400 shares in the last quarter. Blackston Financial Advisory Group LLC purchased a new position in Tesla during the 4th quarter valued at approximately $3,619,000. WASHINGTON TRUST Co grew its holdings in Tesla by 30.0% during the 4th quarter. WASHINGTON TRUST Co now owns 2,421 shares of the electric vehicle producer’s stock valued at $602,000 after buying an additional 559 shares in the last quarter. Washington Trust Advisors Inc. grew its holdings in Tesla by 34.2% during the 4th quarter. Washington Trust Advisors Inc. now owns 2,033 shares of the electric vehicle producer’s stock valued at $505,000 after buying an additional 518 shares in the last quarter. Finally, Syntegra Private Wealth Group LLC grew its holdings in Tesla by 19.7% during the 4th quarter. Syntegra Private Wealth Group LLC now owns 1,535 shares of the electric vehicle producer’s stock valued at $381,000 after buying an additional 253 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price objective on Tesla from $248.00 to $230.00 and set a “neutral” rating for the company in a research note on Wednesday. Morgan Stanley reaffirmed an “overweight” rating and issued a $310.00 price objective on shares of Tesla in a research note on Thursday, July 18th. Jefferies Financial Group lowered their price objective on Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a research note on Wednesday, April 10th. HSBC raised their price objective on Tesla from $120.00 to $130.00 in a research note on Wednesday, July 10th. Finally, Sanford C. Bernstein reissued an “underperform” rating and set a $120.00 price target on shares of Tesla in a research note on Monday, June 10th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus price target of $204.30.

Insider Activity

In other news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $174.21, for a total value of $113,236.50. Following the completion of the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The disclosure for this sale can be found here. Insiders own 25.10% of the company’s stock.

Tesla Stock Performance

Tesla stock traded down $0.45 during trading hours on Friday, hitting $219.80. 94,604,145 shares of the stock traded hands, compared to its average volume of 132,509,544. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.17. The firm’s 50 day moving average price is $205.68 and its 200-day moving average price is $190.93. The stock has a market capitalization of $702.18 billion, a price-to-earnings ratio of 56.07, a P/E/G ratio of 5.49 and a beta of 2.31. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $278.98.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 EPS. As a group, equities analysts expect that Tesla, Inc. will post 1.79 EPS for the current fiscal year.

Tesla Company 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.