1832 Asset Management L.P. Reduces Position in Tesla, Inc. $TSLA

1832 Asset Management L.P. decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 67.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,739 shares of the electric vehicle producer’s stock after selling 18,195 shares during the quarter. 1832 Asset Management L.P.’s holdings in Tesla were worth $2,776,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Chelsea Counsel Co. increased its holdings in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares during the period. LGT Financial Advisors LLC purchased a new stake in Tesla in the second quarter valued at approximately $29,000. Evergreen Private Wealth LLC increased its holdings in Tesla by 270.0% in the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after buying an additional 81 shares during the period. Glynn Capital Management LLC purchased a new position in Tesla during the 2nd quarter worth approximately $35,000. Finally, LSV Asset Management lifted its stake in Tesla by 400.0% during the 2nd quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock valued at $38,000 after acquiring an additional 96 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Performance

TSLA opened at $455.00 on Friday. Tesla, Inc. has a twelve month low of $214.25 and a twelve month high of $488.54. The firm has a market capitalization of $1.51 trillion, a PE ratio of 303.33, a PEG ratio of 15.36 and a beta of 1.87. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average price is $434.93 and its 200 day moving average price is $372.41.

Tesla (NASDAQ:TSLA) last issued its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the previous year, the firm posted $0.72 EPS. The business’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Melius Research set a $520.00 price target on shares of Tesla and gave the stock a “buy” rating in a report on Monday, October 13th. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Stifel Nicolaus increased their price objective on shares of Tesla from $483.00 to $508.00 and gave the company a “buy” rating in a report on Monday, November 17th. Industrial Alliance Securities set a $300.00 target price on shares of Tesla in a research note on Monday, October 13th. Finally, New Street Research raised their price target on shares of Tesla from $465.00 to $520.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. One analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, thirteen have issued a Hold rating and nine have given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $398.92.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 82,606 shares of company stock valued at $33,554,102. 19.90% of the stock is currently owned by company insiders.

Tesla Company 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.