CIBC Asset Management Inc Sells 7,339 Shares of Tesla, Inc. (NASDAQ:TSLA)

CIBC Asset Management Inc trimmed its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 1.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 717,158 shares of the electric vehicle producer's stock after selling 7,339 shares during the period. Tesla accounts for about 0.9% of CIBC Asset Management Inc's investment portfolio, making the stock its 27th biggest holding. CIBC Asset Management Inc's holdings in Tesla were worth $289,617,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of TSLA. Swedbank AB grew its stake in Tesla by 2.8% in the third quarter. Swedbank AB now owns 1,098,717 shares of the electric vehicle producer's stock worth $287,457,000 after purchasing an additional 29,669 shares in the last quarter. Courier Capital LLC bought a new position in Tesla in the third quarter worth about $262,000. Wallington Asset Management LLC bought a new position in Tesla in the third quarter worth about $280,000. RAM Investment Partners LLC lifted its holdings in Tesla by 1.4% in the third quarter. RAM Investment Partners LLC now owns 4,108 shares of the electric vehicle producer's stock worth $1,075,000 after acquiring an additional 58 shares during the last quarter. Finally, McAdam LLC lifted its holdings in Tesla by 1.4% in the third quarter. McAdam LLC now owns 7,232 shares of the electric vehicle producer's stock worth $1,892,000 after acquiring an additional 100 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on TSLA. Bank of America cut shares of Tesla from a "buy" rating to a "neutral" rating and raised their target price for the stock from $400.00 to $490.00 in a report on Tuesday, January 7th. Roth Capital raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Monday, December 2nd. Glj Research reissued a "sell" rating and issued a $24.86 target price on shares of Tesla in a report on Wednesday, February 12th. Jefferies Financial Group lifted their price target on Tesla from $195.00 to $300.00 and gave the company a "hold" rating in a report on Thursday, November 14th. Finally, KGI Securities raised Tesla from a "neutral" rating to an "outperform" rating and set a $276.00 price target on the stock in a report on Thursday, October 24th. Nine equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $326.50.

Tesla Trading Down 4.7 %

NASDAQ TSLA traded down $16.60 on Friday, hitting $337.80. 73,720,762 shares of the stock were exchanged, compared to its average volume of 75,434,742. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The company has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 165.59, a P/E/G ratio of 5.97 and a beta of 2.34. The company's 50-day moving average price is $402.14 and its two-hundred day moving average price is $311.43.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.06, for a total value of $39,792,803.40. Following the completion of the sale, the director now owns 85,000 shares of the company's stock, valued at approximately $30,095,100. The trade was a 56.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.43, for a total transaction of $2,481,010.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares of the company's stock, valued at approximately $37,226,491.76. The trade was a 6.25 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 523,386 shares of company stock valued at $195,995,200 in the last quarter. Company insiders own 20.70% of the company's stock.

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.