Korea Investment CORP Reduces Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Korea Investment CORP reduced its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 0.7% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 2,174,006 shares of the electric vehicle producer's stock after selling 16,158 shares during the quarter. Tesla accounts for approximately 2.1% of Korea Investment CORP's portfolio, making the stock its 6th largest holding. Korea Investment CORP owned 0.07% of Tesla worth $877,951,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer's stock valued at $955,052,000 after purchasing an additional 194,796 shares during the last quarter. United Bank purchased a new stake in shares of Tesla during the 3rd quarter valued at approximately $287,000. Quantbot Technologies LP bought a new position in Tesla in the 3rd quarter worth approximately $687,000. Insight Wealth Partners LLC grew its stake in Tesla by 4.9% in the 3rd quarter. Insight Wealth Partners LLC now owns 1,441 shares of the electric vehicle producer's stock valued at $377,000 after buying an additional 67 shares in the last quarter. Finally, Glenmede Trust Co. NA lifted its position in shares of Tesla by 34.1% during the third quarter. Glenmede Trust Co. NA now owns 50,899 shares of the electric vehicle producer's stock worth $13,317,000 after acquiring an additional 12,955 shares in the last quarter. Institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TSLA. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a research report on Monday, February 10th. Benchmark assumed 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. Piper Sandler cut their price objective on shares of Tesla from $500.00 to $450.00 and set an "overweight" rating for the company in a research report on Thursday, March 20th. HSBC decreased their target price on shares of Tesla from $165.00 to $130.00 and set a "reduce" rating on the stock in a report on Thursday. Finally, JPMorgan Chase & Co. cut their price target on shares of Tesla from $135.00 to $120.00 and set an "underweight" rating for the company in a report on Wednesday, March 12th. Nine research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Tesla presently has an average rating of "Hold" and an average target price of $318.34.

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Tesla Trading Down 3.5 %

TSLA traded down $9.58 during trading on Friday, hitting $263.55. 123,100,723 shares of the stock traded hands, compared to its average volume of 93,218,015. The firm has a 50-day moving average of $321.33 and a 200 day moving average of $321.68. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The firm has a market capitalization of $847.71 billion, a P/E ratio of 129.19, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its earnings results 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%. Equities research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the business's stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now directly owns 477,011 shares of the company's stock, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 2,672 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the sale, the chief financial officer now directly owns 26,950 shares of the company's stock, valued at approximately $7,242,273.50. This represents a 9.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock worth $166,849,043 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Tesla 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.