Tesla, Inc. (NASDAQ:TSLA) Shares Sold by Covestor Ltd

Covestor Ltd lowered its position in Tesla, Inc. (NASDAQ:TSLA) by 23.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,266 shares of the electric vehicle producer’s stock after selling 397 shares during the quarter. Covestor Ltd’s holdings in Tesla were worth $331,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Principal Financial Group Inc. lifted its position in shares of Tesla by 5.6% in the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock valued at $955,052,000 after acquiring an additional 194,796 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Tesla by 60.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after purchasing an additional 206,248 shares during the last quarter. Scott & Selber Inc. lifted its holdings in Tesla by 80.3% in the 3rd quarter. Scott & Selber Inc. now owns 12,659 shares of the electric vehicle producer’s stock valued at $3,312,000 after purchasing an additional 5,639 shares in the last quarter. AIA Group Ltd lifted its holdings in Tesla by 10.1% in the 3rd quarter. AIA Group Ltd now owns 83,374 shares of the electric vehicle producer’s stock valued at $21,813,000 after purchasing an additional 7,655 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC grew its holdings in shares of Tesla by 6.5% during the third quarter. Gladstone Institutional Advisory LLC now owns 43,377 shares of the electric vehicle producer’s stock worth $11,349,000 after buying an additional 2,664 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TSLA. Glj Research reissued a “sell” rating and set a $24.86 price objective on shares of Tesla in a research note on Thursday, October 17th. Oppenheimer restated a “market perform” rating on shares of Tesla in a report on Tuesday, October 8th. William Blair started coverage on Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating for the company. Citigroup reduced their target price on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $295.00 price target on shares of Tesla in a report on Tuesday, September 10th. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $222.03.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total value of $15,138,915.00. Following the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 76,797 shares of company stock valued at $19,211,821. 20.70% of the stock is currently owned by company insiders.

Tesla Stock Performance

Tesla stock opened at $321.22 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $328.71. The company has a fifty day moving average price of $241.18 and a two-hundred day moving average price of $214.90. The company has a market cap of $1.03 trillion, a PE ratio of 88.01, a P/E/G ratio of 10.59 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period in the prior year, the firm earned $0.53 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. Research analysts expect that Tesla, Inc. will post 1.96 earnings per share for the current year.

Tesla Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.