Asahi Life Asset Management CO. LTD. Sells 283 Shares of Tesla, Inc. (NASDAQ:TSLA)

Asahi Life Asset Management CO. LTD. reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,374 shares of the electric vehicle producer’s stock after selling 283 shares during the quarter. Tesla makes up about 0.9% of Asahi Life Asset Management CO. LTD.’s holdings, making the stock its 27th biggest holding. Asahi Life Asset Management CO. LTD.’s holdings in Tesla were worth $1,393,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Rinkey Investments grew its holdings in shares of Tesla by 3.5% in the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock valued at $347,000 after purchasing an additional 29 shares in the last quarter. Pitti Group Wealth Management LLC grew its holdings in Tesla by 2.2% during the 4th quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer’s stock worth $594,000 after acquiring an additional 31 shares in the last quarter. True Wealth Design LLC grew its holdings in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares in the last quarter. Horrell Capital Management Inc. grew its holdings in Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after acquiring an additional 34 shares in the last quarter. Finally, Aldebaran Financial Inc. grew its holdings in Tesla by 3.1% during the 4th quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer’s stock worth $490,000 after acquiring an additional 35 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the firm’s stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the transaction, the senior vice president directly owned 67,600 shares in the company, valued at approximately $21,889,556. This trade represents a 18.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Robyn M. Denholm sold 112,395 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the transaction, the director owned 85,000 shares of the company’s stock, valued at $23,300,200. This trade represents a 56.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock worth $279,420,485 in the last three months. Company insiders own 20.70% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TSLA. Royal Bank Of Canada lowered their target price on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating for the company in a report on Wednesday, April 23rd. Barclays lowered their target price on shares of Tesla from $325.00 to $275.00 and set an “equal weight” rating for the company in a report on Monday, April 21st. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a report on Friday, March 28th. Cfra Research downgraded shares of Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Finally, William Blair downgraded shares of Tesla from an “outperform” rating to a “market perform” rating in a research report on Monday, July 7th. Ten research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $300.19.

Tesla Stock Performance

Shares of TSLA opened at $313.51 on Monday. The company has a 50-day simple moving average of $322.60 and a 200-day simple moving average of $319.32. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.01 trillion, a PE ratio of 172.26, a P/E/G ratio of 9.33 and a beta of 2.39. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54.

Tesla (NASDAQ:TSLA) last posted its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The business had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. During the same quarter last year, the business posted $0.45 earnings per share. Equities research analysts predict that Tesla, Inc. will post 2.56 earnings per share 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.