Allspring Global Investments Holdings LLC Sells 14,940 Shares of Tesla, Inc. $TSLA

Allspring Global Investments Holdings LLC reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 5.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 262,063 shares of the electric vehicle producer’s stock after selling 14,940 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Tesla were worth $78,805,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Cherry Tree Wealth Management LLC increased its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after buying an additional 44 shares during the period. First PREMIER Bank boosted its holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Newton One Investments LLC raised its holdings in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Tesla in the 1st quarter worth approximately $27,000. Finally, Chelsea Counsel Co. boosted its stake in shares of Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Trading Up 5.4%

NASDAQ TSLA opened at $435.90 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 52 week low of $212.11 and a 52 week high of $488.54. The business has a 50 day moving average price of $378.50 and a 200-day moving average price of $329.48. The company has a market cap of $1.45 trillion, a price-to-earnings ratio of 251.97, a P/E/G ratio of 14.92 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the business posted $0.52 EPS. The business’s revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares in the company, valued at $17,314,500. This represents a 29.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 202,606 shares of company stock valued at $75,588,902 over the last three months. Corporate insiders own 19.90% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the subject of a number of analyst reports. Piper Sandler lifted their target price on shares of Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a research note on Monday, September 22nd. Glj Research reissued a “sell” rating on shares of Tesla in a research report on Thursday, July 24th. Royal Bank Of Canada upped their target price on Tesla from $325.00 to $500.00 and gave the company an “outperform” rating in a research report on Friday. Dbs Bank lifted their target price on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Finally, Baird R W raised Tesla from a “hold” rating to a “strong-buy” rating in a research note on Friday, September 19th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have given a Hold rating and eight have given a Sell rating to the company’s stock. According to MarketBeat.com, Tesla has an average rating of “Hold” and an average target price of $363.03.

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.