ARK Investment Management LLC Trims Position in Tesla, Inc. (NASDAQ:TSLA)

ARK Investment Management LLC cut its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 28.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,287,352 shares of the electric vehicle producer’s stock after selling 1,301,429 shares during the period. Tesla makes up about 11.1% of ARK Investment Management LLC’s portfolio, making the stock its biggest holding. ARK Investment Management LLC owned about 0.10% of Tesla worth $1,327,564,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new stake in shares of Tesla in the 3rd quarter worth about $29,000. Peterson Financial Group Inc. purchased a new position in Tesla in the third quarter worth about $35,000. Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Tesla during the fourth quarter worth approximately $46,000. PayPay Securities Corp raised its position in Tesla by 130.2% during the fourth quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after purchasing an additional 69 shares during the period. Finally, E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Tesla by 692.6% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock valued at $56,000 after purchasing an additional 187 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Transactions at Tesla

In other news, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $30,095,100. The trade was a 56.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.43, for a total transaction of $2,481,010.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at $37,226,491.76. This trade represents a 6.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 523,386 shares of company stock valued at $195,995,200. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TSLA shares. UBS Group boosted their target price on Tesla from $226.00 to $259.00 and gave the company a “sell” rating in a research report on Thursday, January 30th. Bank of America cut shares of Tesla from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $400.00 to $490.00 in a research report on Tuesday, January 7th. New Street Research upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 target price for the company in a report on Monday, January 6th. StockNews.com downgraded shares of Tesla from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, Robert W. Baird decreased their price objective on shares of Tesla from $480.00 to $440.00 and set an “outperform” rating for the company in a research note on Thursday, January 30th. Ten investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus target price of $319.57.

Tesla Stock Performance

Shares of Tesla stock opened at $281.95 on Friday. The company has a market capitalization of $906.90 billion, a PE ratio of 138.21, a P/E/G ratio of 5.86 and a beta of 2.34. The company has a 50-day simple moving average of $387.91 and a two-hundred day simple moving average of $315.28. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 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%. Research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.