Varma Mutual Pension Insurance Co Decreases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Varma Mutual Pension Insurance Co decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 10.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 440,826 shares of the electric vehicle producer’s stock after selling 52,074 shares during the period. Tesla accounts for approximately 0.7% of Varma Mutual Pension Insurance Co’s portfolio, making the stock its 20th biggest position. Varma Mutual Pension Insurance Co’s holdings in Tesla were worth $87,231,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new stake in Tesla in the fourth quarter valued at approximately $7,844,757,000. Strategic Financial Concepts LLC increased its position in shares of Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after purchasing an additional 5,875,484 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Tesla by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 229,806,372 shares of the electric vehicle producer’s stock valued at $57,102,287,000 after purchasing an additional 3,866,361 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Tesla by 2,101.1% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,469,190 shares of the electric vehicle producer’s stock worth $365,064,000 after purchasing an additional 1,402,443 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Tesla by 12.9% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,849,425 shares of the electric vehicle producer’s stock valued at $1,731,430,000 after buying an additional 1,125,329 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

Tesla stock traded down $19.44 during midday trading on Friday, reaching $210.73. The company’s stock had a trading volume of 111,432,758 shares, compared to its average volume of 68,186,248. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $278.98. The firm has a market capitalization of $673.21 billion, a PE ratio of 53.76, a P/E/G ratio of 5.80 and a beta of 2.29. The stock’s 50 day simple moving average is $224.47 and its 200 day simple moving average is $193.60.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 EPS. On average, equities research analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current year.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 25.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Canaccord Genuity Group lifted their price target on Tesla from $222.00 to $254.00 and gave the stock a “buy” rating in a report on Wednesday, July 3rd. Mizuho upped their price target on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 12th. Wolfe Research initiated coverage on shares of Tesla in a report on Thursday. They set a “peer perform” rating on the stock. Piper Sandler restated an “overweight” rating and issued a $300.00 target price on shares of Tesla in a report on Monday, August 19th. Finally, Barclays cut their price target on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Thursday, July 25th. Nine equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $204.21.

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.