Sumitomo Life Insurance Co. Has $10.40 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Sumitomo Life Insurance Co. lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 20.4% during the first quarter, Holdings Channel reports. The fund owned 40,144 shares of the electric vehicle producer’s stock after selling 10,274 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Tesla were worth $10,404,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TSLA. Rinkey Investments increased its stake in Tesla by 3.5% during the 4th quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock worth $347,000 after acquiring an additional 29 shares during the period. Pitti Group Wealth Management LLC grew its holdings in shares of 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 purchasing an additional 31 shares in the last quarter. True Wealth Design LLC increased its position in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 31 shares during the period. Horrell Capital Management Inc. increased its position in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after purchasing an additional 34 shares during the period. Finally, Aldebaran Financial Inc. raised its stake in Tesla by 3.1% in the fourth quarter. Aldebaran Financial Inc. now owns 1,174 shares of the electric vehicle producer’s stock valued at $490,000 after purchasing an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,000 shares of the business’s stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total value of $600,000.00. Following the transaction, the chief financial officer owned 5,924 shares in the company, valued at $1,777,200. The trade was a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares of the company’s stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is owned by corporate insiders.

Tesla Trading Up 1.2%

Shares of TSLA stock opened at $313.51 on Monday. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.01 trillion, a price-to-earnings ratio of 172.26, a PEG ratio of 9.33 and a beta of 2.39. The stock has a 50-day moving average of $322.60 and a 200-day moving average of $319.32.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The firm had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. Tesla had a net margin of 6.66% and a return on equity of 9.02%. During the same period in the prior year, the company posted $0.45 EPS. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Stifel Nicolaus set a $450.00 target price on shares of Tesla and gave the company a “buy” rating in a report on Thursday, April 24th. Argus reiterated a “hold” rating on shares of Tesla in a research report on Monday, June 9th. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Wednesday, April 23rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $320.00 target price on shares of Tesla in a report on Monday, June 9th. Finally, Truist Financial set a $280.00 price target on Tesla in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $300.19.

About Tesla

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.