Mizuho Securities Co. Ltd. has significantly reduced its holdings in Tesla, Inc. (NASDAQ:TSLA), cutting its stake by 43.4% in the third quarter of 2023. According to the firm’s recent 13F filing with the Securities and Exchange Commission, Mizuho now owns 1,680 shares of Tesla, after divesting 1,290 shares during the quarter. This reduction means Tesla constitutes approximately 5.1% of Mizuho Securities’ investment portfolio, ranking it as the firm’s sixth-largest holding.
The financial impact of Mizuho’s holdings in Tesla amounts to about $747,000, as indicated in the filing. Other institutional investors have also been active concerning Tesla shares, with several increasing their stakes during the same period.
Brighton Jones LLC raised its investment in Tesla by 11.8% during the fourth quarter, bringing its total to 87,929 shares valued at approximately $35.5 million after acquiring an additional 9,293 shares. Similarly, Revolve Wealth Partners LLC increased its holdings by 21.2%, now owning 5,317 shares worth about $2.15 million following the purchase of 931 shares.
Bison Wealth LLC made a notable increase of 52.2% in its position, now holding 10,368 shares valued at $4.19 million, after acquiring 3,558 shares. Sivia Capital Partners LLC and AGP Franklin LLC also expanded their stakes, with increases of 9.1% and 21.2%, respectively.
As of now, institutional investors collectively own 66.20% of Tesla’s stock, highlighting the significant interest among large financial entities.
Analysts Weigh In on Tesla’s Future
Wall Street analysts have provided various outlooks on Tesla’s stock performance. On October 30, 2023, Weiss Ratings reaffirmed a “hold (C-)” rating, while Piper Sandler maintained an “overweight” rating with a price target of $500.00. In contrast, Dbs Bank upgraded Tesla to a “hold” rating on November 5, 2023, and President Capital reduced their target from $529.00 to $517.00.
Currently, Tesla has received an average rating of “Hold” from analysts, with 18 ratings recommending a buy, 13 suggesting hold, and 8 indicating sell. The consensus price target stands at $410.77, according to MarketBeat.com.
Tesla’s Performance and Market Position
Tesla’s stock opened at $449.36 on October 27, 2023, reflecting a 4.2% increase. Over the last year, the stock has seen a low of $214.25 and a high of $498.83. The company’s market capitalization is currently estimated at $1.49 trillion, with a price-to-earnings ratio of 299.57 and a price-to-earnings-growth ratio of 7.36.
Tesla recently reported its quarterly earnings on October 23, 2023, revealing earnings per share (EPS) of $0.50, surpassing analyst expectations of $0.48. The company generated $28.10 billion in revenue during the quarter, significantly above the estimated $24.98 billion. This marks an 11.6% year-over-year increase in revenue, although EPS decreased from $0.72 in the same quarter last year.
Analysts project that Tesla will achieve an EPS of 2.56 for the current fiscal year, as the company continues to navigate the evolving landscape of electric vehicle production and energy solutions.
Tesla, Inc., founded in 2003 by Martin Eberhard and Marc Tarpenning, has grown into a leading name in electric vehicles and renewable energy products under the leadership of CEO Elon Musk. The company’s mission remains focused on accelerating the world’s transition to sustainable energy through innovative technologies in electric drivetrains and battery systems.
