Several institutional investors modified their stakes in Tesla Inc. during the third quarter, with some reducing positions significantly while others increased them, according to recent 13F filings with the Securities and Exchange Commission. These changes reflect mixed sentiment toward the electric vehicle producer amid ongoing insider selling and varied analyst views. Tesla's stock opened at $411.82 on Friday, with a market capitalization of $1.55 trillion.
In the third quarter, Vestmark Advisory Solutions Inc. reduced its Tesla position by 40.6%, selling 55,258 shares to hold 80,985 shares valued at $36.02 million, representing 0.7% of its portfolio and its 24th-largest holding. Bowen Hanes & Co. Inc. cut its stake by 99.2%, selling 130,085 shares and retaining 1,000 shares worth $445,000. Lion Street Advisors LLC decreased its position by 60.7%, selling 1,447 shares to own 938 shares valued at $417,000. Sigma Planning Corp trimmed its holdings by 25.6%, selling 13,558 shares and holding 39,325 shares worth $17.49 million, or 0.5% of its portfolio. Hillsdale Investment Management Inc. lowered its stake by 13.5%, selling 2,270 shares to hold 14,491 shares valued at $6.44 million.
Conversely, Alliance Wealth Advisors LLC UT boosted its position by 28.9%, acquiring 2,361 shares to own 10,532 shares worth $4.68 million, comprising 1.1% of its holdings and its 18th-largest position. Kovitz Investment Group Partners LLC increased its stake by 7.7%, purchasing 11,291 shares to hold 157,409 shares valued at $70.00 million. Princeton Capital Management LLC lifted its position by 28.8%, adding 1,863 shares to own 8,325 shares worth $3.70 million, or 1.0% of its portfolio. Lansforsakringar Fondforvaltning AB publ raised its holdings by 2.7%, acquiring 23,915 shares to own 899,010 shares valued at $399.81 million, making up 2.1% of its portfolio and its eighth-largest holding.
Institutional investors and hedge funds own 66.20% of Tesla's stock. Recent insider transactions include Director Kimbal Musk selling 56,820 shares on December 9 at $450.66 for $25.61 million, leaving him with 1,391,615 shares; Director James R. Murdoch selling 60,000 shares on January 2 at $445.40 for $26.72 million, retaining 577,031 shares; and CFO Vaibhav Taneja selling 2,637 shares on December 8 at $443.93 for $1.17 million, holding 13,757 shares afterward. Insiders sold 119,457 shares worth $53.50 million over the past 90 days and own 19.90% of the company.
Tesla reported quarterly earnings on January 28 with $0.50 earnings per share, beating estimates of $0.45, and revenue of $24.90 billion versus $24.75 billion expected, though down 3.1% year-over-year from $0.73 per share. The company has a price-to-earnings ratio of 381.31, debt-to-equity ratio of 0.08, current ratio of 2.16, and quick ratio of 1.77. Analysts maintain a consensus "Hold" rating with an average price target of $408.09, based on 18 Buy, 14 Hold, and 9 Sell ratings.
