Connor Clark & Lunn Investment Management Ltd. Trims Position in Tesla, Inc. (NASDAQ:TSLA)

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 11.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,503 shares of the electric vehicle producer's stock after selling 13,655 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Tesla were worth $27,864,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Bank & Trust Co bought a new stake in Tesla in the second quarter valued at approximately $25,000. Valley Wealth Managers Inc. acquired a new position in Tesla in the 2nd quarter valued at about $26,000. Abich Financial Wealth Management LLC raised its holdings in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer's stock valued at $26,000 after acquiring an additional 81 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of Tesla during the third quarter worth approximately $29,000. Finally, Clean Yield Group grew its position in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent research reports. Argus reiterated a "buy" rating and set a $286.00 price objective on shares of Tesla in a research report on Friday, July 26th. Guggenheim lifted their price objective on shares of Tesla from $153.00 to $156.00 and gave the stock a "sell" rating in a research note on Thursday, October 24th. Piper Sandler boosted their price objective on shares of Tesla from $310.00 to $315.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $245.00 price target on shares of Tesla in a research report on Wednesday, October 23rd. Finally, HSBC reissued a "reduce" rating and set a $124.00 price target on shares of Tesla in a research report on Friday, October 11th. Nine equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $230.18.

Tesla Stock Up 0.4 %

Shares of Tesla stock traded up $1.37 on Thursday, hitting $343.40. The company had a trading volume of 8,989,636 shares, compared to its average volume of 95,614,523. The stock has a 50 day moving average of $259.42 and a 200-day moving average of $224.12. The stock has a market capitalization of $1.10 trillion, a price-to-earnings ratio of 93.71, a P/E/G ratio of 11.24 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $358.64.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company's revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. As a group, sell-side analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current year.

Insider Transactions at Tesla

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of the business's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares in the company, valued at $1,868,508. The trade was a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the business's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at $26,727,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 301,187 shares of company stock worth $92,956,692 in the last ninety days. 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.