Sumitomo Mitsui Trust Group Inc. Sells 651,370 Shares of Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Mitsui Trust Group Inc. reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 7.6% during the 4th quarter, Holdings Channel reports. The fund owned 7,877,482 shares of the electric vehicle producer’s stock after selling 651,370 shares during the period. Tesla comprises about 2.1% of Sumitomo Mitsui Trust Group Inc.’s portfolio, making the stock its 6th biggest position. Sumitomo Mitsui Trust Group Inc.’s holdings in Tesla were worth $3,181,242,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Transcendent Capital Group LLC acquired a new stake in shares of Tesla during the 3rd quarter worth about $29,000. Peterson Financial Group Inc. purchased a new position in shares of Tesla during the third quarter valued at approximately $35,000. E Fund Management Hong Kong Co. Ltd. boosted its position in Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock worth $56,000 after acquiring an additional 187 shares during the last quarter. Finley Financial LLC acquired a new position in Tesla in the 4th quarter valued at $64,000. Finally, Abich Financial Wealth Management LLC lifted its stake in shares of Tesla by 136.4% during the 3rd quarter. Abich Financial Wealth Management LLC now owns 305 shares of the electric vehicle producer’s stock worth $80,000 after purchasing an additional 176 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. StockNews.com downgraded shares of Tesla from a “hold” rating to a “sell” rating in a research note on Friday, January 31st. Wedbush raised their price objective on Tesla from $515.00 to $550.00 and gave the stock an “outperform” rating in a report on Wednesday, January 22nd. Piper Sandler increased their target price on shares of Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Robert W. Baird reduced their price target on shares of Tesla from $480.00 to $440.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Finally, Morgan Stanley increased their price objective on shares of Tesla from $400.00 to $430.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. Nine analysts have rated the stock with a sell rating, twelve have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $321.71.

Tesla Trading Down 3.0 %

Shares of NASDAQ TSLA opened at $350.73 on Tuesday. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The stock’s 50 day moving average price is $408.27 and its two-hundred day moving average price is $304.55. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54. The stock has a market capitalization of $1.13 trillion, a P/E ratio of 171.93, a PEG ratio of 6.22 and a beta of 2.34.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. On average, analysts anticipate that Tesla, Inc. will post 2.54 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Kimbal Musk sold 75,000 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the completion of the transaction, the director now directly owns 1,463,220 shares in the company, valued at $538,274,741.40. This represents a 4.88 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $26,727,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 635,776 shares of company stock valued at $231,335,112. Company insiders own 20.70% of the company’s stock.

About Tesla

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.