Allspring Global Investments Holdings LLC Trims Stake in Tesla, Inc. (NASDAQ:TSLA)

Allspring Global Investments Holdings LLC cut its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 289,138 shares of the electric vehicle producer’s stock after selling 5,952 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Tesla were worth $50,828,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Apexium Financial LP lifted its holdings in shares of Tesla by 736.8% in the 4th quarter. Apexium Financial LP now owns 24,954 shares of the electric vehicle producer’s stock worth $6,201,000 after acquiring an additional 21,972 shares during the last quarter. Mount Vernon Associates Inc. MD lifted its stake in Tesla by 5.3% during the fourth quarter. Mount Vernon Associates Inc. MD now owns 6,940 shares of the electric vehicle producer’s stock worth $1,724,000 after purchasing an additional 350 shares in the last quarter. Forum Financial Management LP boosted its position in shares of Tesla by 19.7% during the fourth quarter. Forum Financial Management LP now owns 21,772 shares of the electric vehicle producer’s stock worth $5,410,000 after buying an additional 3,582 shares during the period. J.W. Cole Advisors Inc. grew its stake in shares of Tesla by 16.6% in the fourth quarter. J.W. Cole Advisors Inc. now owns 46,414 shares of the electric vehicle producer’s stock valued at $11,533,000 after buying an additional 6,615 shares in the last quarter. Finally, Catalyst Financial Partners LLC raised its holdings in shares of Tesla by 9.4% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,978 shares of the electric vehicle producer’s stock valued at $1,734,000 after buying an additional 598 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $231.26 on Wednesday. The stock has a market cap of $737.53 billion, a P/E ratio of 59.00, a P/E/G ratio of 4.91 and a beta of 2.31. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $299.29. The stock has a 50 day moving average of $179.16 and a two-hundred day moving average of $191.09. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 EPS for the quarter, meeting the consensus estimate of $0.35. Tesla had a net margin of 14.37% and a return on equity of 13.18%. The firm had revenue of $21.30 billion during the quarter, compared to the consensus estimate of $22.15 billion. On average, research analysts forecast that Tesla, Inc. will post 1.86 earnings per share for the current year.

Insider Activity

In related news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $184.86, for a total value of $17,322,306.30. Following the transaction, the director now owns 15,000 shares in the company, valued at approximately $2,772,900. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Tesla news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,772,900. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 650 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the transaction, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The disclosure for this sale can be found here. Corporate insiders own 20.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Stifel Nicolaus assumed coverage on Tesla in a research report on Tuesday, June 25th. They issued a “buy” rating and a $265.00 target price for the company. Royal Bank of Canada dropped their price objective on shares of Tesla from $293.00 to $227.00 and set an “outperform” rating for the company in a report on Thursday, June 20th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a report on Wednesday, April 24th. Wedbush reissued an “outperform” rating and issued a $275.00 price target on shares of Tesla in a research report on Friday, June 14th. Finally, Mizuho cut their price objective on Tesla from $195.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Seven research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $187.30.

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.