T. Rowe Price Associates Inc. sold roughly 81% of its shares of Tesla Inc. over the first three months of the year, marking a sharp retreat for a firm that for years had been one of the electric-car maker’s biggest investors.

The fund manager held 1.7 million Tesla shares as of March 31, down from 8.9 million shares at the end of 2018, according to a Wednesday filing with the Securities and Exchange Commission.

T. Rowe and Tesla declined to comment on the move.

The move by T. Rowe comes as Tesla shares have logged a 30% loss for the year through Wednesday, compared with the S&P 500’s 14% gain.

Analysts have attributed the decline to worries about the company’s fundraising, as well as delivery problems and tension between Chief Executive Elon Musk and federal regulators over his tweets. Evercore ISI analysts cut their target price on Tesla on Wednesday to $200 from $240.