Jennison Associates LLC Reduces Stake in Tesla, Inc. $TSLA

Jennison Associates LLC decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 9.5% during the second quarter, HoldingsChannel.com reports. The firm owned 7,888,116 shares of the electric vehicle producer’s stock after selling 830,295 shares during the period. Tesla accounts for 1.5% of Jennison Associates LLC’s portfolio, making the stock its 21st largest position. Jennison Associates LLC’s holdings in Tesla were worth $2,505,739,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Arcadia Investment Management Corp MI purchased a new stake in shares of Tesla in the 1st quarter valued at about $27,000. Chelsea Counsel Co. raised its holdings in shares of Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Centennial Bank AR raised its holdings in shares of Tesla by 833.3% in the 1st quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after acquiring an additional 100 shares in the last quarter. LGT Financial Advisors LLC purchased a new stake in shares of Tesla in the 2nd quarter valued at about $29,000. Finally, Compass Wealth Management LLC raised its holdings in shares of Tesla by 360.0% in the 1st quarter. Compass Wealth Management LLC now owns 115 shares of the electric vehicle producer’s stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. This trade represents a 8.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is currently owned by company insiders.

Tesla Price Performance

TSLA opened at $460.55 on Wednesday. The stock’s 50 day simple moving average is $403.03 and its 200 day simple moving average is $343.93. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. Tesla, Inc. has a 1 year low of $214.25 and a 1 year high of $488.54. The firm has a market cap of $1.53 trillion, a price-to-earnings ratio of 307.03, a PEG ratio of 16.51 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same period last year, the company earned $0.72 EPS. Tesla’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Ratings Changes

TSLA has been the topic of several recent analyst reports. Piper Sandler raised their price target on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a report on Monday, September 22nd. Cantor Fitzgerald set a $510.00 price objective on Tesla and gave the company an “overweight” rating in a report on Thursday, October 23rd. Melius Research set a $520.00 price objective on Tesla and gave the company a “buy” rating in a report on Monday, October 13th. Guggenheim reissued a “sell” rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Finally, Canaccord Genuity Group lowered their price objective on shares of Tesla from $490.00 to $482.00 and set a “buy” rating for the company in a report on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $381.00.

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.