Jennison Associates LLC Sells 3,015,358 Shares of Tesla, Inc. (NASDAQ:TSLA)

Jennison Associates LLC lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 16.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,631,235 shares of the electric vehicle producer’s stock after selling 3,015,358 shares during the period. Tesla accounts for about 2.9% of Jennison Associates LLC’s holdings, making the stock its 8th biggest position. Jennison Associates LLC owned approximately 0.49% of Tesla worth $3,884,049,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in TSLA. Greenwich Wealth Management LLC raised its stake in shares of Tesla by 30.9% during the 4th quarter. Greenwich Wealth Management LLC now owns 2,118 shares of the electric vehicle producer’s stock worth $526,000 after buying an additional 500 shares in the last quarter. GUNN & Co INVESTMENT MANAGEMENT INC. purchased a new position in shares of Tesla during the 4th quarter worth approximately $310,000. MCF Advisors LLC raised its stake in shares of Tesla by 8.3% during the 4th quarter. MCF Advisors LLC now owns 2,908 shares of the electric vehicle producer’s stock worth $723,000 after buying an additional 223 shares in the last quarter. OLD National Bancorp IN raised its stake in shares of Tesla by 18.2% during the 4th quarter. OLD National Bancorp IN now owns 13,977 shares of the electric vehicle producer’s stock worth $3,473,000 after buying an additional 2,148 shares in the last quarter. Finally, Brendel Financial Advisors LLC raised its stake in shares of Tesla by 5.7% during the 4th quarter. Brendel Financial Advisors LLC now owns 7,665 shares of the electric vehicle producer’s stock worth $1,905,000 after buying an additional 414 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Down 3.4 %

Shares of TSLA opened at $142.05 on Tuesday. The company has a current ratio of 1.73, a quick ratio of 1.25 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $452.40 billion, a P/E ratio of 32.96, a price-to-earnings-growth ratio of 3.89 and a beta of 2.40. The stock’s fifty day simple moving average is $177.59 and its 200 day simple moving average is $210.05. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $299.29.

Tesla (NASDAQ:TSLA) last issued its 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 during the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a return on equity of 16.62% and a net margin of 15.50%. The company’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period last year, the business posted $1.07 earnings per share. On average, equities research analysts forecast that Tesla, Inc. will post 1.97 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 93,705 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total value of $16,439,605.20. Following the transaction, the director now directly owns 15,000 shares of the company’s stock, valued at approximately $2,631,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the transaction, the senior vice president now directly owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total value of $16,439,605.20. Following the completion of the transaction, the director now directly owns 15,000 shares in the company, valued at $2,631,600. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 209,098 shares of company stock valued at $38,802,534. 20.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of analyst reports. Jefferies Financial Group cut their target price on Tesla from $185.00 to $165.00 and set a “hold” rating for the company in a research note on Wednesday, April 10th. Piper Sandler restated an “overweight” rating and issued a $205.00 price target on shares of Tesla in a report on Monday. Citigroup lowered their price target on Tesla from $196.00 to $180.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Wells Fargo & Company lowered their price target on Tesla from $125.00 to $120.00 and set an “underweight” rating on the stock in a report on Friday, April 12th. Finally, Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Tuesday, April 2nd. Eight equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $194.70.

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.