The largest shareholders reduced their stake in the electric car manufacturer in the first quarter, according to the rules.
The funds managed by T. Rowe Price Group reduced their holdings in the company's shares by nearly 7.4 million shares in the first quarter, according to a SEC filling, and left the money management company with 1.67 million shares in the Tesla share (ticker: TSLA) at the end of March.
The sale leaves T. Rowe Price as the company's eighth largest institutional shareholder, according to FactSet data, with just under 1% of outstanding shares. By the end of last year it was the second largest institutional owner.
Barron's had previously reported on T. Rowe Price documents that revealed some of the company's sales in the quarter. Some of the funds increased their Tesla rates even though T. Rowe Price's total holdings declined.
A T. Rowe Price spokesman did not respond to a sent request for comment. A Tesla spokesman refused to comment.
Baillie Gifford is the largest institutional shareholder in Tesla, with about 7.2% of the company's outstanding share. The institutional shareholder No. 2 is now Capital Research & Management, which owns 5.4% of the shares, and according to FactSet, more than 850,000 shares were created in the first quarter.
CEO Elon Musk is still a top shareholder, with approximately 19% of outstanding shares. He recently bought several shares, Barrons Ed Lin wrote earlier this month.
Tesla stock was recently down 1.4%, as
was 1.1%. The stock is down to about 30% in 2019 among concerns about the demand for company cars, but a recent move to raise money has eased some investors worried about their financial viability.
Some see further disadvantages. On a Thursday note, John Kolovos, chief engineer of macro-risk assessments, says that "recent breakdown" suggests that stocks could go up to $ 140- $ 155 per share.
However, the company said on Thursday that the company's share purchase of energy storage, Maxwell Technologies, was announced in early February, was completed.