Hobbs Group Advisors LLC Sells 118 Shares of Tesla, Inc. (NASDAQ:TSLA)

Hobbs Group Advisors LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 7.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,419 shares of the electric vehicle producer’s stock after selling 118 shares during the quarter. Hobbs Group Advisors LLC’s holdings in Tesla were worth $371,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Valley Wealth Managers Inc. purchased a new stake in shares of Tesla in the 2nd quarter worth about $26,000. Abich Financial Wealth Management LLC grew its position in shares of Tesla by 168.8% in the 2nd 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 during the period. Transcendent Capital Group LLC purchased a new stake in shares of Tesla in the 3rd quarter worth about $29,000. Clean Yield Group grew its position in shares of Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Finally, Peterson Financial Group Inc. purchased a new stake in shares of Tesla in the 3rd quarter worth about $35,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TSLA. Deutsche Bank Aktiengesellschaft upped their target price on shares of Tesla from $295.00 to $370.00 and gave the stock a “buy” rating in a research report on Monday. Canaccord Genuity Group increased their price objective on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Piper Sandler increased their price objective on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Wells Fargo & Company increased their price objective on shares of Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Finally, HSBC reissued a “reduce” rating and set a $124.00 price objective on shares of Tesla in a research report on Friday, October 11th. Nine investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $254.48.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Friday, December 6th. The shares were sold at an average price of $374.21, for a total value of $975,191.26. Following the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $30,095,100. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 522,886 shares of company stock worth $171,393,831. Company insiders own 20.70% of the company’s stock.

Tesla Price Performance

NASDAQ TSLA opened at $400.99 on Wednesday. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $409.73. The stock has a market cap of $1.29 trillion, a price-to-earnings ratio of 109.86, a PEG ratio of 12.64 and a beta of 2.36. The company’s 50 day moving average is $288.09 and its two-hundred day moving average is $240.67. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter last year, the business earned $0.53 EPS. The firm’s revenue was up 7.8% compared to the same quarter last year. As a group, research analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current year.

Tesla 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.