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

Covestor Ltd trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 23.9% in the third quarter, HoldingsChannel reports. 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 reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in Tesla by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 233,602,120 shares of the electric vehicle producer’s stock worth $41,064,917,000 after purchasing an additional 3,795,748 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Tesla by 35,611.2% in the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock valued at $2,892,160,000 after purchasing an additional 11,023,436 shares in the last quarter. Strategic Financial Concepts LLC boosted its position in shares of Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after buying an additional 5,875,484 shares during the period. ARK Investment Management LLC grew its holdings in shares of Tesla by 2.6% during the second quarter. ARK Investment Management LLC now owns 5,314,395 shares of the electric vehicle producer’s stock valued at $1,051,613,000 after buying an additional 135,966 shares in the last quarter. Finally, National Pension Service raised its position in Tesla by 15.3% during the third quarter. National Pension Service now owns 5,182,657 shares of the electric vehicle producer’s stock valued at $1,355,939,000 after buying an additional 688,717 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Transactions at Tesla

In related news, Director Kimbal Musk sold 60,500 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the sale, the director now directly owns 1,563,220 shares in the company, valued at $391,164,540.60. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kimbal Musk sold 60,500 shares of Tesla stock in a transaction dated 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 completion of the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 76,797 shares of company stock valued at $19,211,821. Corporate insiders own 20.70% of the company’s stock.

Tesla Price Performance

Tesla stock opened at $321.22 on Friday. The business has a 50 day simple moving average of $241.18 and a 200 day simple moving average of $214.90. Tesla, Inc. has a one year low of $138.80 and a one year high of $328.71. The company has a market capitalization of $1.03 trillion, a PE ratio of 88.01, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. 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 (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, sell-side analysts forecast that Tesla, Inc. will post 1.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lifted their target price on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. The Goldman Sachs Group boosted their price objective on shares of Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. StockNews.com raised shares of Tesla from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Truist Financial upped their price target on shares of Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Finally, Royal Bank of Canada lifted their price objective on Tesla from $236.00 to $249.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $222.03.

About Tesla

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.