Allspring Global Investments Holdings LLC Sells 4,513 Shares of Tesla, Inc. (NASDAQ:TSLA)

Allspring Global Investments Holdings LLC lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.6% in the second quarter, according to its most recent filing with the SEC. The firm owned 284,625 shares of the electric vehicle producer’s stock after selling 4,513 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Tesla were worth $56,322,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in TSLA. Rational Advisors LLC raised its stake in Tesla by 240.1% during the second quarter. Rational Advisors LLC now owns 1,340 shares of the electric vehicle producer’s stock worth $265,000 after buying an additional 946 shares during the last quarter. Bailard Inc. lifted its stake in shares of Tesla by 5.8% in the 2nd quarter. Bailard Inc. now owns 9,973 shares of the electric vehicle producer’s stock valued at $1,973,000 after purchasing an additional 546 shares during the period. Catalyst Financial Partners LLC boosted its position in shares of Tesla by 18.9% during the 2nd quarter. Catalyst Financial Partners LLC now owns 7,319 shares of the electric vehicle producer’s stock valued at $1,448,000 after purchasing an additional 1,163 shares in the last quarter. Bristlecone Advisors LLC grew its stake in Tesla by 18.1% during the second quarter. Bristlecone Advisors LLC now owns 12,721 shares of the electric vehicle producer’s stock worth $2,517,000 after purchasing an additional 1,946 shares during the period. Finally, Salomon & Ludwin LLC increased its holdings in Tesla by 16.8% in the second quarter. Salomon & Ludwin LLC now owns 1,311 shares of the electric vehicle producer’s stock worth $259,000 after purchasing an additional 189 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $209.21 on Wednesday. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $278.98. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The business has a fifty day simple moving average of $219.98 and a two-hundred day simple moving average of $192.34. The company has a market capitalization of $667.21 billion, a P/E ratio of 53.37, a P/E/G ratio of 5.46 and a beta of 2.31.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 earnings per share. On average, analysts expect that Tesla, Inc. will post 1.79 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, SVP Xiaotong Zhu sold 650 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $174.21, for a total transaction of $113,236.50. Following the sale, the senior vice president now owns 65,155 shares of the company’s stock, valued at approximately $11,350,652.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 650 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $174.21, for a total transaction of $113,236.50. Following the completion of the sale, the senior vice president now owns 65,155 shares in the company, valued at $11,350,652.55. The disclosure for this sale can be found here. 25.10% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have recently commented on TSLA. KGI Securities reaffirmed a “neutral” rating and set a $236.00 price objective on shares of Tesla in a research report on Thursday, July 25th. Roth Mkm reiterated a “neutral” rating and set a $85.00 price objective on shares of Tesla in a report on Wednesday, July 24th. Stifel Nicolaus initiated coverage on Tesla in a research note on Tuesday, June 25th. They issued a “buy” rating and a $265.00 target price for the company. Sanford C. Bernstein reaffirmed an “underperform” rating and set a $120.00 price target on shares of Tesla in a research note on Monday, June 10th. Finally, Robert W. Baird restated an “outperform” rating and set a $280.00 price objective on shares of Tesla in a report on Tuesday, August 20th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $204.21.

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.