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Major shareholders reduced their stake in the electric vehicle manufacturer in the first quarter, according to regulatory statements.
The funds managed by T. Rowe Price Group reduced their stake in the company's shares by nearly 7.4 million shares in the first quarter, according to a statement from the SEC, leaving the management company holding 1.67 million shares shares of the Tesla stock at the end of March.
Sales make T. Rowe Price the company's eighth largest shareholder, according to FactSet data, with just under 1% of shares outstanding. By the end of last year, he was the second largest institutional owner.
Barron T. Rowe Price had already reported some of the company's sales during the quarter. Some of his funds increased their holdings in Tesla even though T. Rowe Price's global holdings declined.
A spokesperson for T. Rowe Price did not respond to a request for comment sent by email. A spokesman for Tesla declined to comment.
Baillie Gifford is Tesla's largest institutional shareholder with approximately 7.2% of the outstanding shares of the company. Capital Research & Management is now the second largest institutional shareholder. It holds 5.4% of the capital and, according to FactSet, added more than 850,000 shares in the first quarter.
Chief Executive Officer Elon Musk remains the largest shareholder with approximately 19% of the outstanding shares. He recently bought more shares, Barron Ed Lin wrote earlier this month.
The Tesla stock recently fell by 1.4%,
S & P 500
was in advance of 1.1%. The stock is down about 30% in 2019 due to worries about demand for the company's cars, although the recent decision to raise funds has relieved some investors worried about its financial viability.
Some see more inconvenience. In a note on Thursday, John Kolovos, chief technical strategist at Macro Risk Advisors, said that "recent failures" suggest that the stock could be between $ 140 and $ 155 per share.
At the same time, the company announced Thursday that its acquisition of Maxwell Technologies, an energy storage company, announced in early February, was finalized.
Send an email to David Marino-Nachison at [email protected]. Follow him to @marinonachison and follow Barron's Next to @barronsnext.
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