Fukoku Mutual Life Insurance Reduces Tesla Position
Fukoku Mutual Life Insurance Co. decreased its investment in Tesla, Inc. (NASDAQ:TSLA) by 33.6% in the fourth quarter, according to the firm’s latest filing with the Securities and Exchange Commission (SEC). The firm now owns 12,101 shares of the electric vehicle maker’s stock, having sold 6,121 shares during the period. At the close of the most recent quarter, FUKOKU MUTUAL LIFE INSURANCE Co.’s holdings in Tesla were valued at $4.89 million.
Several other institutional investors have also altered their positions in Tesla stock. For example, Transcendent Capital Group LLC acquired a new stake in Tesla in the third quarter, valued at approximately $29,000. Farmers & Merchants Trust Co of Chambersburg PA also initiated a new position in the fourth quarter, worth about $46,000.
Analyst Ratings Vary
Recent analyst reports on Tesla present a mixed outlook, with differing price targets and ratings.
- Wells Fargo & Company increased their price objective on Tesla from $125.00 to $135.00 and gave the company an “underweight” rating.
- New Street Research upgraded Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price objective.
- StockNews.com downgraded Tesla from a “hold” rating to a “sell” rating.
- Mizuho reiterated an “outperform” rating and set a $515.00 price target.
Currently, the stock has an average rating of “Hold” and a consensus target price of $318.77 according to MarketBeat.
Stock Performance and Financials
Tesla shares opened at $293.33 on Friday. The company’s financials show a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The business’s fifty day moving average price is $385.35 and its 200-day moving average price is $316.70.
Insider Activity
In related news, the CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Friday, December 6th. Following the sale, the chief financial officer now owns 108,965 shares of the company’s stock. Additionally, Director Kimbal Musk sold 75,000 shares of the stock in a transaction dated Thursday, February 6th. Corporate insiders currently own 20.70% of the total outstanding shares.
