Tesla, Inc. (NASDAQ:TSLA) Holdings Lowered by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System trimmed its stake in Tesla, Inc. (NASDAQ:TSLA) by 6.1% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 150,166 shares of the electric vehicle producer’s stock after selling 9,736 shares during the period. Tesla accounts for approximately 1.3% of Maryland State Retirement & Pension System’s portfolio, making the stock its 9th biggest position. Maryland State Retirement & Pension System’s holdings in Tesla were worth $60,643,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in Tesla during the 4th quarter worth $46,000. Parkworth Wealth Management Inc. purchased a new position in Tesla during the 4th quarter worth $47,000. PayPay Securities Corp grew its position in Tesla by 130.2% during the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock worth $49,000 after purchasing an additional 69 shares during the last quarter. Rialto Wealth Management LLC purchased a new position in Tesla during the 4th quarter worth $55,000. Finally, Finley Financial LLC purchased a new position in Tesla during the 4th quarter worth $64,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,672 shares of the business’s stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total value of $718,046.56. Following the completion of the sale, the chief financial officer now directly owns 26,950 shares in the company, valued at approximately $7,242,273.50. The trade was a 9.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the sale, the director now owns 477,011 shares of the company’s stock, valued at approximately $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. Over the last three months, insiders sold 477,228 shares of company stock worth $166,849,043. 20.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently commented on TSLA. Robert W. Baird reduced their target price on shares of Tesla from $440.00 to $370.00 and set an “outperform” rating for the company in a research note on Thursday, March 6th. Canaccord Genuity Group restated a “buy” rating and issued a $404.00 target price on shares of Tesla in a research note on Monday. Bank of America reduced their target price on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Benchmark began coverage on shares of Tesla in a research note on Wednesday, February 12th. They issued a “buy” rating and a $475.00 target price for the company. Finally, The Goldman Sachs Group restated a “cautious” rating on shares of Tesla in a research note on Monday, March 3rd. Nine equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $319.25.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $225.31 on Wednesday. The company has a market cap of $724.71 billion, a PE ratio of 110.45, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The company has a 50-day simple moving average of $344.47 and a 200-day simple moving average of $320.61.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. On average, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current 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.