Corebridge Financial Inc. Sells 24,426 Shares of Tesla, Inc. (NASDAQ:TSLA)

Corebridge Financial Inc. cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 3.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 784,243 shares of the electric vehicle producer’s stock after selling 24,426 shares during the period. Tesla accounts for about 1.7% of Corebridge Financial Inc.’s portfolio, making the stock its 7th largest position. Corebridge Financial Inc.’s holdings in Tesla were worth $316,709,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of TSLA. World Investment Advisors LLC increased its position in shares of Tesla by 1,248.9% in the 3rd quarter. World Investment Advisors LLC now owns 199,229 shares of the electric vehicle producer’s stock valued at $52,124,000 after acquiring an additional 184,459 shares during the period. Destination Wealth Management increased its holdings in shares of Tesla by 12.1% in the third quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock valued at $3,296,000 after purchasing an additional 1,359 shares during the period. Stephens Consulting LLC raised its stake in shares of Tesla by 126.7% in the fourth quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock worth $644,000 after purchasing an additional 891 shares during the last quarter. Vinva Investment Management Ltd lifted its holdings in shares of Tesla by 59.2% during the third quarter. Vinva Investment Management Ltd now owns 117,457 shares of the electric vehicle producer’s stock worth $30,593,000 after purchasing an additional 43,685 shares during the period. Finally, MML Investors Services LLC boosted its position in Tesla by 3.3% in the third quarter. MML Investors Services LLC now owns 309,382 shares of the electric vehicle producer’s stock valued at $80,944,000 after buying an additional 9,919 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $411.63, for a total value of $41,163,000.00. Following the transaction, the director now directly owns 5,400 shares in the company, valued at approximately $2,222,802. This represents a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 2,672 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total value of $718,046.56. Following the completion of the transaction, the chief financial officer now owns 26,950 shares of the company’s stock, valued at $7,242,273.50. The trade was a 9.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 477,228 shares of company stock valued at $166,849,043. 20.70% of the stock is currently owned by insiders.

Tesla Stock Up 5.3 %

TSLA stock opened at $248.71 on Monday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average of $335.19 and a two-hundred day moving average of $321.15. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a market cap of $799.98 billion, a price-to-earnings ratio of 121.92, a PEG ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays lifted their price objective on shares of Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a research note on Wednesday, January 15th. TD Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating and boosted their target price for the company from $180.00 to $388.00 in a research report on Friday, March 7th. Benchmark started coverage on Tesla in a research report on Wednesday, February 12th. They set a “buy” rating and a $475.00 price target on the stock. Guggenheim lowered their target price on Tesla from $175.00 to $170.00 and set a “sell” rating on the stock in a research note on Wednesday, March 12th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $404.00 price target on shares of Tesla in a research report on Monday, March 17th. Nine research analysts have rated the stock with a sell rating, eight have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $318.93.

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.