Intech Investment Management LLC Sells 111,974 Shares of Tesla, Inc. (NASDAQ:TSLA)

Intech Investment Management LLC lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 30.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 252,601 shares of the electric vehicle producer's stock after selling 111,974 shares during the quarter. Tesla makes up approximately 0.7% of Intech Investment Management LLC's portfolio, making the stock its 18th largest holding. Intech Investment Management LLC's holdings in Tesla were worth $66,088,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Oppenheimer & Co. Inc. lifted its stake in shares of Tesla by 1.2% in the third quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer's stock worth $37,801,000 after buying an additional 1,741 shares during the last quarter. Tyler Stone Wealth Management lifted its stake in shares of Tesla by 109.6% in the third quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer's stock worth $2,466,000 after buying an additional 4,929 shares during the last quarter. Savvy Advisors Inc. lifted its stake in shares of Tesla by 24.2% in the third quarter. Savvy Advisors Inc. now owns 7,527 shares of the electric vehicle producer's stock worth $1,969,000 after buying an additional 1,467 shares during the last quarter. ICICI Prudential Asset Management Co Ltd lifted its stake in shares of Tesla by 19.0% in the third quarter. ICICI Prudential Asset Management Co Ltd now owns 24,440 shares of the electric vehicle producer's stock worth $6,394,000 after buying an additional 3,909 shares during the last quarter. Finally, West Family Investments Inc. lifted its stake in shares of Tesla by 20.8% in the third quarter. West Family Investments Inc. now owns 9,026 shares of the electric vehicle producer's stock worth $2,361,000 after buying an additional 1,556 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TSLA. HSBC restated a "reduce" rating and issued a $124.00 price objective on shares of Tesla in a research note on Friday, October 11th. Royal Bank of Canada upped their target price on shares of Tesla from $249.00 to $313.00 and gave the company an "outperform" rating in a research note on Friday, November 15th. JPMorgan Chase & Co. upped their target price on shares of Tesla from $130.00 to $135.00 and gave the company an "underweight" rating in a research note on Thursday, October 24th. Piper Sandler upped their target price on shares of Tesla from $310.00 to $315.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Finally, StockNews.com upgraded shares of Tesla from a "sell" rating to a "hold" rating in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $230.18.

Insider Transactions at Tesla

In other news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the sale, the director now owns 85,000 shares of the company's stock, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla 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 of the company's stock, valued at $1,868,508. This represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 301,187 shares of company stock valued at $92,956,692. 20.70% of the stock is currently owned by corporate insiders.

Tesla Trading Down 1.1 %

Shares of Tesla stock opened at $342.03 on Thursday. The business has a fifty day simple moving average of $259.42 and a two-hundred day simple moving average of $224.12. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $358.64. The company 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 current ratio of 1.84 and a quick ratio of 1.37.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter last year, the firm posted $0.53 EPS. The company's quarterly revenue was up 7.8% on a year-over-year basis. Research analysts forecast that Tesla, Inc. will post 1.99 EPS for the current year.

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.

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