Hedge funds cut NFLX, keep big bets on MSFT, AMZN, add NVDA
Tesla, Inc. (NASDAQ:TSLA) director Robyn Denholm recently executed a series of stock transactions, according to a filing with the Securities and Exchange Commission. On March 3, Denholm sold a total of 112,990 shares of Tesla stock, amounting to $33.67 million. The sales prices ranged from $292.75 to $303.588 per share. The transactions come as Tesla, currently valued at $896 billion, trades near $279 per share. According to InvestingPro analysis, the stock appears to be trading close to its Fair Value.
In addition to the sales, Denholm exercised stock options to acquire 112,390 shares at a price of $24.73 per share, totaling approximately $2.78 million. These transactions were conducted under a pre-established Rule 10b5-1 trading plan, designed to facilitate orderly stock transactions.
Following these transactions, Denholm now holds 85,000 shares of Tesla stock directly.
In other recent news, Tesla has signed a lease agreement to open its first showroom in Mumbai, India. The showroom is set to open in 2025 in the Maker Maxity building, a prominent business hub. This move is part of Tesla’s strategy to sell imported cars in India, following a meeting between CEO Elon Musk and India’s Prime Minister Narendra Modi. In related developments, the United States is urging India to reduce auto import tariffs to zero, which could benefit Tesla as it prepares for its India launch. Additionally, Tesla reported a significant 49.2% decline in sales of its China-made electric vehicles in February compared to the previous year, according to the China Passenger Car Association. Meanwhile, Tesla’s Chinese competitor BYD (SZ:002594) saw a 161.4% increase in sales during the same period. In another update, Fitch Ratings has maintained a Stable Outlook for Tesla Auto Lease Trust’s class A notes and a Positive Outlook for class B notes, citing strong credit enhancement and residual value performance. These developments highlight the dynamic environment Tesla is navigating in both the Indian and Chinese markets.
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