TCW Group Inc. Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

TCW Group Inc. raised its holdings in Tesla, Inc. (NASDAQ:TSLA) by 88.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 209,752 shares of the electric vehicle producer’s stock after buying an additional 98,306 shares during the period. TCW Group Inc.’s holdings in Tesla were worth $54,877,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of TSLA. Geode Capital Management LLC grew its stake in Tesla by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock worth $15,469,792,000 after purchasing an additional 1,022,589 shares in the last quarter. FMR LLC boosted its stake in shares of Tesla by 3.5% in the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock valued at $6,473,008,000 after buying an additional 828,308 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tesla by 13.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after buying an additional 2,946,763 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Tesla by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock valued at $4,328,884,000 after acquiring an additional 301,968 shares in the last quarter. Finally, Jennison Associates LLC grew its holdings in Tesla by 11.9% during the 3rd quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock worth $3,192,203,000 after acquiring an additional 1,294,093 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Activity

In other news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $26,727,400. This trade represents a 56.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 7.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 522,886 shares of company stock worth $171,393,831 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Bank of America raised their price objective on shares of Tesla from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Piper Sandler raised their price target on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Roth Capital raised Tesla from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Canaccord Genuity Group boosted their target price on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, HSBC reiterated a “reduce” rating and issued a $124.00 price target on shares of Tesla in a research note 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $257.36.

Tesla Stock Up 2.9 %

TSLA stock opened at $400.99 on Wednesday. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $409.73. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.29 trillion, a P/E ratio of 109.86, a P/E/G ratio of 12.64 and a beta of 2.36. The company’s 50-day moving average price is $288.09 and its 200 day moving average price is $240.67.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The business 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%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. On average, research analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current fiscal 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.