Cim Investment Management Inc. Cuts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Cim Investment Management Inc. reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 2.6% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,815 shares of the electric vehicle producer’s stock after selling 131 shares during the period. Tesla makes up 1.0% of Cim Investment Management Inc.’s portfolio, making the stock its 11th largest holding. Cim Investment Management Inc.’s holdings in Tesla were worth $3,273,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Tesla by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 58,931,414 shares of the electric vehicle producer’s stock worth $40,055,683,000 after buying an additional 334,675 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Tesla by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 12,311,100 shares of the electric vehicle producer’s stock worth $8,342,557,000 after purchasing an additional 339,745 shares during the period. ARK Investment Management LLC boosted its stake in shares of Tesla by 39.9% during the 1st quarter. ARK Investment Management LLC now owns 5,785,523 shares of the electric vehicle producer’s stock worth $3,864,324,000 after purchasing an additional 1,651,297 shares during the period. Legal & General Group Plc boosted its stake in shares of Tesla by 5.6% during the 2nd quarter. Legal & General Group Plc now owns 4,491,234 shares of the electric vehicle producer’s stock worth $3,052,696,000 after purchasing an additional 239,826 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its stake in shares of Tesla by 8.5% during the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,402,391 shares of the electric vehicle producer’s stock worth $2,992,305,000 after purchasing an additional 343,736 shares during the period. 40.28% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts recently commented on TSLA shares. TheStreet raised shares of Tesla from a “c+” rating to a “b” rating in a research note on Monday, August 16th. Zacks Investment Research raised shares of Tesla from a “hold” rating to a “strong-buy” rating and set a $910.00 price target for the company in a research note on Tuesday, September 28th. Wells Fargo & Company lifted their price objective on shares of Tesla from $590.00 to $660.00 and gave the company an “equal weight” rating in a report on Tuesday, July 27th. Citigroup lifted their price objective on shares of Tesla from $175.00 to $209.00 and gave the company a “sell” rating in a report on Wednesday, July 28th. Finally, KGI Securities assumed coverage on shares of Tesla in a report on Monday, August 2nd. They set an “outperform” rating and a $855.00 price objective for the company. Ten analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $616.89.

NASDAQ:TSLA traded up $7.26 during trading hours on Thursday, hitting $818.34. 377,954 shares of the company were exchanged, compared to its average volume of 27,323,652. The stock has a market capitalization of $810.17 billion, a price-to-earnings ratio of 425.26, a PEG ratio of 6.20 and a beta of 1.95. Tesla, Inc. has a 52-week low of $379.11 and a 52-week high of $900.40. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.51 and a quick ratio of 1.22. The company’s 50 day moving average price is $741.19 and its 200-day moving average price is $684.91.

Tesla (NASDAQ:TSLA) last released its earnings results on Sunday, July 25th. The electric vehicle producer reported $1.45 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.93. The company had revenue of $11.96 billion for the quarter, compared to the consensus estimate of $11.39 billion. Tesla had a net margin of 5.21% and a return on equity of 9.75%. During the same quarter in the previous year, the firm earned $0.44 EPS. On average, equities analysts predict that Tesla, Inc. will post 3.39 earnings per share for the current year.

In other news, SVP Andrew D. Baglino sold 1,005 shares of the company’s stock in a transaction on Monday, September 27th. The shares were sold at an average price of $773.42, for a total value of $777,287.10. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Vaibhav Taneja sold 1,767 shares of the company’s stock in a transaction on Tuesday, September 7th. The shares were sold at an average price of $752.90, for a total transaction of $1,330,374.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,698 shares of company stock worth $61,747,994. 25.00% of the stock is owned by insiders.

About Tesla

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The company operates through the following segments: Automotive and Energy Generation and Storage.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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