Tesla, Inc. (NASDAQ: TSLA) saw a slight reduction in its stake by Rhumbline Advisers during the fourth quarter, as revealed in its latest SEC filing. The investment management firm decreased its position by 0.9%, selling 45,049 shares and bringing its total Tesla holdings to 5,204,221 shares. Despite this reduction, Tesla still makes up 1.9% of Rhumbline Advisers’ portfolio, ranking as its seventh-largest holding. The firm’s stake in Tesla is now valued at $2.1 billion, representing approximately 0.16% ownership of the EV giant.
Institutional Investors Adjust Tesla Positions
A number of institutional investors have also been making strategic adjustments to their Tesla holdings:
- WASHINGTON TRUST Co increased its stake by 10.9%, now holding 1,255 Tesla shares valued at $507,000 after acquiring an additional 123 shares.
- WealthPLAN Partners LLC raised its Tesla position by 3.5%, reaching 10,848 shares worth $4.38 million.
- PUREfi Wealth LLC entered the Tesla market with a new stake valued at $241,000.
- Quadrant Private Wealth Management LLC boosted its Tesla holdings by 10.3% to 6,640 shares, now valued at $2.68 million.
- Adell Harriman & Carpenter Inc. grew its position by 3.9%, increasing its share count to 8,550, worth $3.45 million.
Overall, institutional investors and hedge funds currently hold 66.2% of Tesla’s stock, underscoring the company’s significance in major investment portfolios.
Mixed Analyst Ratings for Tesla
Tesla continues to be a subject of debate among analysts, with varied perspectives on its future trajectory:
- StockNews.com downgraded Tesla from a “hold” rating to a “sell” rating on January 31st.
- Barclays increased its target price from $270 to $325 while maintaining an “equal weight” rating on January 15th.
- JPMorgan Chase & Co. revised its price target upward from $130 to $135 but kept its “underweight” rating.
- Phillip Securities downgraded Tesla from a “moderate sell” to a “strong sell” rating on November 13th.
- Truist Financial raised its price target from $351 to $373, issuing a “hold” rating on January 30th.
Despite mixed ratings, Tesla has an overall “Hold” consensus based on 39 analyst ratings—9 sell, 12 hold, 17 buy, and 1 strong buy. The stock’s average price target stands at $326.50, per MarketBeat data.
Insider Trading: Major Shareholders Sell Off Tesla Shares
Tesla insiders have also been making notable stock sales:
- Director Robyn M. Denholm offloaded 112,390 shares on December 2nd at an average price of $354.06, generating $39.79 million. This move marked a 56.94% reduction in her Tesla holdings.
- Director Kimbal Musk sold 75,000 shares on February 6th at an average price of $367.87, yielding $27.59 million, decreasing his stake by 4.88%.
Over the last quarter, Tesla insiders have sold 523,386 shares worth approximately $196 million. Insider ownership now stands at 20.7%, reflecting ongoing profit-taking by key stakeholders.
Tesla’s Stock Outlook: What’s Next?
With institutional investors recalibrating their positions and mixed analyst ratings, Tesla’s stock continues to be a focal point for market watchers. Insider sales and shifting investment strategies indicate dynamic movements within the market. As Tesla forges ahead in the EV space, investors will be closely monitoring its financial performance and strategic initiatives in the coming months.
