OVERSEA CHINESE BANKING Corp Ltd Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

OVERSEA CHINESE BANKING Corp Ltd cut its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 58.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 71,432 shares of the electric vehicle producer's stock after selling 100,592 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Tesla were worth $18,169,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Tyler Stone Wealth Management lifted its stake in Tesla by 109.6% in the third quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer's stock valued at $2,466,000 after buying an additional 4,929 shares during the period. Principal Financial Group Inc. raised its position in shares of Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer's stock worth $955,052,000 after purchasing an additional 194,796 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Tesla by 60.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer's stock worth $108,638,000 after purchasing an additional 206,248 shares during the period. Scott & Selber Inc. raised its position in shares of Tesla by 80.3% during the third quarter. Scott & Selber Inc. now owns 12,659 shares of the electric vehicle producer's stock worth $3,312,000 after purchasing an additional 5,639 shares during the period. Finally, AIA Group Ltd raised its position in shares of Tesla by 10.1% during the third quarter. AIA Group Ltd now owns 83,374 shares of the electric vehicle producer's stock worth $21,813,000 after purchasing an additional 7,655 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

TSLA has been the topic of a number of research reports. Truist Financial upped their target price on Tesla from $236.00 to $238.00 and gave the stock a "hold" rating in a research report on Thursday, October 24th. Needham & Company LLC reiterated a "hold" rating on shares of Tesla in a report on Thursday, October 24th. KGI Securities upgraded Tesla from a "neutral" rating to an "outperform" rating and set a $276.00 price target for the company in a report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $295.00 price target on shares of Tesla in a report on Tuesday, September 10th. Finally, Wells Fargo & Company upped their price target on Tesla from $120.00 to $125.00 and gave the stock an "underweight" rating in a report on Thursday, October 24th. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, Tesla presently has an average rating of "Hold" and a consensus target price of $225.06.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,442,856.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,442,856.32. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 76,797 shares of company stock worth $19,211,821 in the last ninety days. 20.70% of the stock is owned by insiders.

Tesla Price Performance

Shares of NASDAQ TSLA traded down $15.87 during trading hours on Tuesday, reaching $334.13. 84,976,109 shares of the stock traded hands, compared to its average volume of 95,373,656. The company has a market capitalization of $1.07 trillion, a P/E ratio of 94.16, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $358.64. The company's 50-day simple moving average is $243.90 and its two-hundred day simple moving average is $217.03.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts' consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to analysts' expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla's revenue for the quarter was up 7.8% compared to the same quarter last year. During the same period last year, the firm posted $0.53 EPS. Equities research analysts forecast that Tesla, Inc. will post 1.96 EPS for the current year.

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.