Everence Capital Management Inc. Lowers Stake in Tesla, Inc. (NASDAQ:TSLA)

Everence Capital Management Inc. trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 7.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 59,370 shares of the electric vehicle producer’s stock after selling 4,950 shares during the quarter. Tesla makes up approximately 1.0% of Everence Capital Management Inc.’s portfolio, making the stock its 17th biggest position. Everence Capital Management Inc.’s holdings in Tesla were worth $15,533,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Bank & Trust Co purchased a new position in Tesla during the second quarter valued at approximately $25,000. Valley Wealth Managers Inc. purchased a new position in shares of Tesla during the 2nd quarter valued at approximately $26,000. Abich Financial Wealth Management LLC boosted its holdings in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares in the last quarter. Clean Yield Group grew its position in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after buying an additional 48 shares during the period. Finally, M&R Capital Management Inc. raised its position in shares of Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after acquiring an additional 100 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on TSLA shares. Wolfe Research assumed coverage on Tesla in a report on Thursday, September 5th. They issued a “peer perform” rating on the stock. Mizuho boosted their price objective on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 12th. KGI Securities restated a “neutral” rating and issued a $236.00 price target on shares of Tesla in a research note on Thursday, July 25th. Piper Sandler upped their target price on shares of Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 25th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $245.00 price target on shares of Tesla in a research note on Monday, October 7th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $210.72.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were 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 directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,661 shares of company stock valued at $16,663,291 in the last ninety days. 20.70% of the stock is currently owned by insiders.

Tesla Price Performance

Shares of NASDAQ TSLA traded down $2.36 during trading hours on Monday, hitting $218.34. 34,138,941 shares of the stock were exchanged, compared to its average volume of 94,065,258. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00. The company has a market cap of $697.52 billion, a PE ratio of 61.22, a price-to-earnings-growth ratio of 6.31 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The company’s fifty day simple moving average is $227.67 and its two-hundred day simple moving average is $205.65.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.50 billion during the quarter, compared to analyst estimates of $24.38 billion. During the same quarter in the previous year, the business posted $0.78 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, sell-side analysts predict that Tesla, Inc. will post 1.75 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.