The largest shareholders cut their holdings in the electric car maker in the first quarter in line with regulatory requirements.
The funds managed by the T. Rowe Price Group reduced their holdings of the company's stock by nearly 7.4 million shares in the first quarter, according to a replenishment, so that the money management company held 1.67 million Tesla shares (ticker : TSLA)) at the end of March.
As a result of the sales, T. Rowe Price is the company's eighth-largest institutional shareholder with just under 1% of outstanding shares, according to FactSet. At the end of last year, it was the second largest institutional owner.
Barrons previously reported on T. Rowe Price documents, which produced some of the company's sales during the quarter. Some funds raised their Tesla shares, although the total stake of T. Rowe Price declined.
A T. Rowe Price spokesman did not respond to a request for comments sent by e-mail. A Tesla spokesman declined to comment.
Baillie Gifford is Tesla's largest institutional shareholder, holding approximately 7.2% of the company's outstanding shares. The second largest institutional shareholder is now Capital Research & Management, which holds 5.4% of the shares and, according to FactSet, gained more than 850,000 shares in the first quarter.
CEO Elon Musk remains the majority shareholder with around 19% of the shares issued. He recently bought more shares, Barrons Ed Lin wrote earlier this month.
The Tesla share has recently fallen by 1.4%, as the
S & P 500
was 1.1%. The stock fell by around 30% in 2019 as concerns over the company's car demand persisted. However, the recent fundraising move has relieved some investors who were worried about the company's financial viability.
Some see further downward movement. John Kolovos, Chief Technical Strategist at Macro Risk Advisors, said in a Thursday announcement that the recent collapse suggests that the stock could fall in the range of $ 140 to $ 155 per share.
Meanwhile, the company announced on Thursday that it had completed its full acquisition of the energy storage business Maxwell Technologies, announced in early February.