Renaissance Technologies LLC Reduces Stock Position in Tesla Inc (NASDAQ:TSLA)

Renaissance Technologies LLC lessened its holdings in Tesla Inc (NASDAQ:TSLA) by 78.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 102,675 shares of the electric vehicle producer’s stock after selling 364,217 shares during the quarter. Renaissance Technologies LLC’s holdings in Tesla were worth $22,944,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Veritable L.P. boosted its stake in Tesla by 19.3% in the second quarter. Veritable L.P. now owns 2,507 shares of the electric vehicle producer’s stock valued at $560,000 after acquiring an additional 405 shares in the last quarter. Girard Partners LTD. lifted its position in Tesla by 15.8% in the second quarter. Girard Partners LTD. now owns 1,467 shares of the electric vehicle producer’s stock valued at $327,000 after purchasing an additional 200 shares during the period. Cetera Advisor Networks LLC lifted its position in Tesla by 55.6% in the second quarter. Cetera Advisor Networks LLC now owns 6,227 shares of the electric vehicle producer’s stock valued at $1,372,000 after purchasing an additional 2,225 shares during the period. Cetera Advisors LLC lifted its position in Tesla by 6.6% in the second quarter. Cetera Advisors LLC now owns 4,665 shares of the electric vehicle producer’s stock valued at $1,038,000 after purchasing an additional 287 shares during the period. Finally, Cetera Investment Advisers lifted its position in Tesla by 28.1% in the second quarter. Cetera Investment Advisers now owns 1,643 shares of the electric vehicle producer’s stock valued at $366,000 after purchasing an additional 360 shares during the period. 54.42% of the stock is currently owned by hedge funds and other institutional investors.

Shares of TSLA traded down $2.98 during mid-day trading on Monday, reaching $242.22. 1,562,248 shares of the company’s stock were exchanged, compared to its average volume of 5,843,322. The company has a quick ratio of 0.71, a current ratio of 1.06 and a debt-to-equity ratio of 1.71. The company has a 50-day simple moving average of $227.65 and a two-hundred day simple moving average of $241.55. Tesla Inc has a 52-week low of $176.99 and a 52-week high of $379.49. The company has a market cap of $44.04 billion, a price-to-earnings ratio of -42.35 and a beta of 0.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, July 24th. The electric vehicle producer reported ($2.31) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.55) by ($0.76). Tesla had a negative return on equity of 11.42% and a negative net margin of 2.64%. The business had revenue of $6.35 billion for the quarter, compared to analysts’ expectations of $6.44 billion. During the same period last year, the business earned ($3.06) earnings per share. The company’s revenue for the quarter was up 58.7% on a year-over-year basis. As a group, equities research analysts predict that Tesla Inc will post -7.51 EPS for the current fiscal year.

In other news, insider Jeffrey B. Straubel sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $223.51, for a total transaction of $3,352,650.00. Following the completion of the transaction, the insider now directly owns 306,098 shares of the company’s stock, valued at approximately $68,415,963.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Zachary Kirkhorn sold 150 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $255.68, for a total transaction of $38,352.00. Following the transaction, the chief financial officer now directly owns 9,962 shares of the company’s stock, valued at $2,547,084.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,300 shares of company stock valued at $6,881,352. Corporate insiders own 24.40% of the company’s stock.

TSLA has been the subject of a number of recent analyst reports. BidaskClub upgraded shares of Tesla from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. Piper Jaffray Companies restated an “overweight” rating and issued a $396.00 price objective on shares of Tesla in a research report on Friday, June 7th. Nomura set a $270.00 price objective on shares of Tesla and gave the company a “hold” rating in a research report on Tuesday, September 3rd. Nord/LB restated a “sell” rating and issued a $200.00 price objective on shares of Tesla in a research report on Thursday, July 25th. Finally, JMP Securities reduced their price objective on shares of Tesla to $337.00 in a research report on Thursday, July 25th. Eighteen equities research analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $269.53.

Tesla Profile

Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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