ProShare Advisors LLC Lowers Stock Position in Tesla, Inc. (NASDAQ:TSLA)

ProShare Advisors LLC lessened its holdings in Tesla, Inc. (NASDAQ:TSLA) by 1.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,090,491 shares of the electric vehicle producer’s stock after selling 29,941 shares during the quarter. Tesla comprises approximately 1.9% of ProShare Advisors LLC’s portfolio, making the stock its 6th largest holding. ProShare Advisors LLC’s holdings in Tesla were worth $844,224,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Tesla during the 4th quarter valued at $14,420,248,000. FMR LLC boosted its stake in Tesla by 40.1% in the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares in the last quarter. Strategic Financial Concepts LLC boosted its stake in Tesla by 36,790.0% in the fourth quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock worth $3,497,526,000 after purchasing an additional 8,637,195 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Tesla by 4,963.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock worth $2,356,288,000 after purchasing an additional 5,719,466 shares in the last quarter. Finally, Northern Trust Corp boosted its stake in Tesla by 21.6% in the fourth quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock worth $11,541,592,000 after purchasing an additional 5,075,418 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TSLA shares. Cantor Fitzgerald reduced their price objective on Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Oppenheimer reissued a “mixed” rating on shares of Tesla in a report on Tuesday, March 18th. Argus set a $410.00 price target on shares of Tesla in a report on Thursday, April 24th. StockNews.com lowered shares of Tesla from a “hold” rating to a “sell” rating in a report on Friday, January 31st. Finally, Glj Research reissued a “sell” rating and issued a $19.05 price target (down previously from $24.86) on shares of Tesla in a report on Monday, April 21st. Ten analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $287.46.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 112,395 shares of the business’s stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $23,300,200. The trade was a 56.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the sale, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. This represents a 10.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 412,623 shares of company stock valued at $115,600,501. 20.70% of the stock is owned by corporate insiders.

Tesla Price Performance

Shares of TSLA stock opened at $347.68 on Thursday. Tesla, Inc. has a 12-month low of $167.41 and a 12-month high of $488.54. The firm has a market capitalization of $1.12 trillion, a price-to-earnings ratio of 170.43, a price-to-earnings-growth ratio of 5.86 and a beta of 2.43. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average of $262.55 and a 200-day moving average of $328.41.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). The firm had revenue of $19.34 billion during the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same period last year, the firm earned $0.45 EPS. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.