Allstate Corp Purchases 82,904 Shares of Tesla, Inc. (NASDAQ:TSLA)

Allstate Corp increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 3,285.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 85,427 shares of the electric vehicle producer's stock after acquiring an additional 82,904 shares during the period. Tesla comprises about 1.0% of Allstate Corp's investment portfolio, making the stock its 15th biggest position. Allstate Corp's holdings in Tesla were worth $34,499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TSLA. Horrell Capital Management Inc. raised its stake in Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock worth $32,000 after acquiring an additional 34 shares in the last quarter. GS Investments Inc. increased its position in shares of Tesla by 193.3% during the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer's stock worth $36,000 after purchasing an additional 58 shares in the last quarter. CoreFirst Bank & Trust bought a new position in Tesla during the 4th quarter valued at about $38,000. Cyrus J. Lawrence LLC acquired a new position in Tesla in the fourth quarter valued at about $44,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA bought a new stake in Tesla during the fourth quarter worth about $46,000. Institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TSLA shares. Roth Mkm upgraded shares of Tesla from a "neutral" rating to a "buy" rating and lifted their target price for the company from $85.00 to $380.00 in a research note on Monday, December 2nd. JPMorgan Chase & Co. reduced their price objective on Tesla from $135.00 to $120.00 and set an "underweight" rating on the stock in a research note on Wednesday, March 12th. Cowen raised Tesla from a "hold" rating to a "buy" rating in a report on Thursday, March 6th. Piper Sandler decreased their price objective on shares of Tesla from $500.00 to $450.00 and set an "overweight" rating on the stock in a report on Thursday, March 20th. Finally, UBS Group dropped their target price on shares of Tesla from $259.00 to $225.00 and set a "sell" rating for the company in a research note on Monday, March 10th. Nine research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $317.75.

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Tesla Stock Up 6.6 %

Shares of TSLA stock traded up $17.16 on Tuesday, hitting $276.32. 70,865,224 shares of the stock were exchanged, compared to its average volume of 96,377,461. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $888.78 billion, a P/E ratio of 135.18, a price-to-earnings-growth ratio of 5.86 and a beta of 2.50. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The business has a 50-day moving average of $317.98 and a 200 day moving average of $323.21.

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

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the sale, the director now owns 85,000 shares in the company, valued at approximately $32,643,400. This represents a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the transaction, the chief financial officer now owns 108,965 shares of the company's stock, valued at approximately $45,063,565.40. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 477,228 shares of company stock valued at $166,849,043. Corporate insiders own 20.70% of the company's stock.

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.