Voya Investment Management LLC Lowers Stake in Tesla, Inc. (NASDAQ:TSLA)

Voya Investment Management LLC trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 23.4% in the 4th quarter, Holdings Channel reports. The firm owned 3,939,894 shares of the electric vehicle producer’s stock after selling 1,202,102 shares during the quarter. Tesla accounts for 1.7% of Voya Investment Management LLC’s holdings, making the stock its 7th largest position. Voya Investment Management LLC’s holdings in Tesla were worth $1,590,798,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TSLA. Horrell Capital Management Inc. boosted its holdings in 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 acquiring an additional 34 shares in the last quarter. GS Investments Inc. raised its position in shares of Tesla by 193.3% during the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 58 shares in the last quarter. CoreFirst Bank & Trust bought a new position in Tesla during the fourth quarter valued at $38,000. Delos Wealth Advisors LLC lifted its position in shares of Tesla by 300.0% during the fourth quarter. Delos Wealth Advisors LLC now owns 100 shares of the electric vehicle producer’s stock worth $40,000 after purchasing an additional 75 shares during the last quarter. Finally, Cyrus J. Lawrence LLC purchased a new stake in shares of Tesla during the fourth quarter valued at $44,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on TSLA. Royal Bank of Canada decreased their price target on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating for the company in a research report on Wednesday. HSBC dropped their price objective on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating for the company in a research note on Thursday, March 27th. Truist Financial cut their target price on Tesla from $373.00 to $280.00 and set a “hold” rating for the company in a research note on Thursday, April 3rd. Wedbush reissued an “outperform” rating and set a $350.00 target price (up previously from $315.00) on shares of Tesla in a research note on Tuesday. Finally, Robert W. Baird cut their price target on shares of Tesla from $370.00 to $320.00 and set an “outperform” rating on the stock in a research note on Wednesday. Ten investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $283.24.

Tesla Stock Performance

Shares of TSLA opened at $251.07 on Thursday. The stock has a market cap of $807.56 billion, a P/E ratio of 123.07, a P/E/G ratio of 5.86 and a beta of 2.58. The business’s 50 day moving average price is $267.29 and its 200-day moving average price is $322.05. Tesla, Inc. has a 52 week low of $157.51 and a 52 week high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced 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 company had revenue of $19.34 billion for the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the sale, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 374,228 shares of company stock worth $123,791,123 over the last quarter. Insiders own 20.70% of the company’s stock.

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.