Citizens Financial Group Inc. RI Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Citizens Financial Group Inc. RI cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 70.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,051 shares of the electric vehicle producer’s stock after selling 29,198 shares during the period. Citizens Financial Group Inc. RI’s holdings in Tesla were worth $2,994,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Exchange Traded Concepts LLC grew its position in Tesla by 73.8% in the third quarter. Exchange Traded Concepts LLC now owns 7,430 shares of the electric vehicle producer’s stock worth $1,859,000 after acquiring an additional 3,156 shares in the last quarter. Connecticut Wealth Management LLC boosted its position in Tesla by 12.5% during the third quarter. Connecticut Wealth Management LLC now owns 5,306 shares of the electric vehicle producer’s stock valued at $1,328,000 after buying an additional 591 shares during the period. Derbend Asset Management boosted its position in Tesla by 0.3% during the third quarter. Derbend Asset Management now owns 18,864 shares of the electric vehicle producer’s stock valued at $4,720,000 after buying an additional 54 shares during the period. Sterling Investment Counsel LLC boosted its position in Tesla by 140.4% during the third quarter. Sterling Investment Counsel LLC now owns 5,193 shares of the electric vehicle producer’s stock valued at $1,299,000 after buying an additional 3,033 shares during the period. Finally, Ogorek Anthony Joseph NY ADV boosted its position in Tesla by 94.5% during the third quarter. Ogorek Anthony Joseph NY ADV now owns 142 shares of the electric vehicle producer’s stock valued at $35,000 after buying an additional 69 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tesla

In related news, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the sale, the senior vice president now owns 31,230 shares of the company’s stock, valued at $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Xiaotong Zhu sold 687 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total value of $121,674.57. Following the sale, the senior vice president now owns 63,171 shares in the company, valued at $11,188,215.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the completion of the sale, the senior vice president now owns 31,230 shares in the company, valued at approximately $6,376,229.10. The disclosure for this sale can be found here. Insiders sold 209,098 shares of company stock valued at $38,802,534 over the last 90 days. Corporate insiders own 25.10% of the company’s stock.

Tesla Stock Down 1.1 %

Shares of TSLA traded down $1.89 on Friday, hitting $168.29. 109,309,500 shares of the stock traded hands, compared to its average volume of 100,050,800. The company has a market capitalization of $536.71 billion, a PE ratio of 42.93, a P/E/G ratio of 4.50 and a beta of 2.39. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.25 and a current ratio of 1.72. The business has a 50 day simple moving average of $175.04 and a 200 day simple moving average of $208.00. Tesla, Inc. has a one year low of $138.80 and a one year high of $299.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.03). The firm had revenue of $25.17 billion for the quarter, compared to the consensus estimate of $25.64 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. Tesla’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $1.07 EPS. As a group, equities analysts forecast that Tesla, Inc. will post 1.97 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. China Renaissance initiated coverage on shares of Tesla in a research report on Monday, February 26th. They set a “hold” rating for the company. Deutsche Bank Aktiengesellschaft increased their target price on shares of Tesla from $123.00 to $136.00 and gave the stock a “hold” rating in a report on Thursday. Morgan Stanley dropped their target price on shares of Tesla from $320.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. Oppenheimer reiterated a “market perform” rating on shares of Tesla in a report on Wednesday. Finally, Bank of America upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $220.00 target price for the company in a report on Wednesday. Eight analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $186.70.

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.