Firsthand Capital Management Inc. Reduces Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Firsthand Capital Management Inc. trimmed its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 55.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,000 shares of the electric vehicle producer’s stock after selling 5,000 shares during the period. Tesla makes up 2.1% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 17th largest holding. Firsthand Capital Management Inc.’s holdings in Tesla were worth $1,047,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vinva Investment Management Ltd lifted its holdings in shares of Tesla by 59.2% during the 3rd quarter. Vinva Investment Management Ltd now owns 117,457 shares of the electric vehicle producer’s stock valued at $30,593,000 after buying an additional 43,685 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Tesla by 1.2% in the third quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer’s stock valued at $37,801,000 after acquiring an additional 1,741 shares during the period. Tyler Stone Wealth Management grew its stake in shares of Tesla by 109.6% during the 3rd quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer’s stock valued at $2,466,000 after purchasing an additional 4,929 shares during the period. Savvy Advisors Inc. increased its position in shares of Tesla by 24.2% during the 3rd quarter. Savvy Advisors Inc. now owns 7,527 shares of the electric vehicle producer’s stock valued at $1,969,000 after purchasing an additional 1,467 shares during the last quarter. Finally, Fred Alger Management LLC lifted its stake in shares of Tesla by 187.0% in the 3rd quarter. Fred Alger Management LLC now owns 725,282 shares of the electric vehicle producer’s stock worth $189,756,000 after purchasing an additional 472,565 shares during the period. Institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

NASDAQ:TSLA opened at $345.16 on Friday. The firm has a market capitalization of $1.11 trillion, a price-to-earnings ratio of 94.56, a PEG ratio of 10.81 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. The business has a 50 day simple moving average of $274.55 and a 200-day simple moving average of $231.81. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $361.93.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. The company 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%. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.53 earnings per share. Equities analysts forecast that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Buying and Selling

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at $26,727,400. This represents a 56.94 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.44 % 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 valued at $92,956,692 in the last ninety days. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of research reports. UBS Group upped their target price on shares of Tesla from $197.00 to $226.00 and gave the company a “sell” rating in a report on Monday, November 25th. Roth Mkm restated a “neutral” rating and issued a $85.00 price objective on shares of Tesla in a research note on Friday, October 11th. Jefferies Financial Group lifted their target price on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Guggenheim lifted their price objective on Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research report on Thursday, October 24th. Nine 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’s stock. Based on data from MarketBeat.com, Tesla presently has an average rating of “Hold” and an average price target of $231.06.

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.