Recent SEC Form 13F filings reveal mixed activity among institutional investors in Tesla, Inc. shares during the third quarter. Wealthedge Investment Advisors LLC acquired a new stake, while Tounjian Advisory Partners LLC and Huntington National Bank reduced their holdings. Institutional ownership of Tesla stands at 66.20%.
In the third quarter, Wealthedge Investment Advisors LLC purchased a new position of 2,234 shares in Tesla, Inc. (NASDAQ:TSLA), valued at approximately $994,000, according to its most recent Form 13F filing with the Securities and Exchange Commission. This acquisition reflects ongoing interest from some funds in the electric vehicle producer.
Conversely, Tounjian Advisory Partners LLC trimmed its Tesla stake by 63.1%, selling 15,264 shares and retaining 8,926 shares worth $3,970,000. The position represents 1.3% of the firm's portfolio and ranks as its 15th largest holding. Similarly, Huntington National Bank reduced its holdings by 1.8%, offloading 2,546 shares to end the quarter with 139,972 shares valued at $62,248,000.
These adjustments come amid broader institutional ownership of 66.20% in Tesla. Corporate insiders own 19.90% of the stock. Over the past 90 days, insiders sold 145,188 shares worth approximately $64,193,919, including transactions by directors James R. Murdoch (60,000 shares at $445.40 on January 2) and Kathleen Wilson-Thompson (25,731 shares at $415.56 on February 25).
Tesla reported quarterly earnings on January 28, with earnings per share of $0.50, beating estimates of $0.45, though revenue of $24.90 billion fell 3.1% year-over-year from $25.71 billion. Analysts maintain a consensus "Hold" rating on the stock, with a price target of $408.09, based on 18 Buy, 14 Hold, and 9 Sell ratings. Shares opened at $402.51 on a recent Friday, with a market capitalization of $1.51 trillion and a price-to-earnings ratio of 372.69.
Other institutional moves included Vanguard Group Inc. increasing its stake by 0.4% to 252,386,304 shares worth $112,241,237,000, and Geode Capital Management LLC boosting its position by 2.0% to 64,767,993 shares valued at $20,480,477,000.