The Manufacturers Life Insurance Company Increases Position in Tesla, Inc. (NASDAQ:TSLA)

The Manufacturers Life Insurance Company lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 1.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,837,217 shares of the electric vehicle producer’s stock after acquiring an additional 17,855 shares during the period. The Manufacturers Life Insurance Company’s holdings in Tesla were worth $480,671,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank & Trust Co purchased a new stake in shares of Tesla in the 2nd quarter valued at about $25,000. Valley Wealth Managers Inc. purchased a new stake in Tesla in the second quarter valued at approximately $26,000. Abich Financial Wealth Management LLC boosted its holdings in shares of Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares during the period. Transcendent Capital Group LLC purchased a new position in shares of Tesla during the third quarter worth approximately $29,000. Finally, Clean Yield Group increased its holdings 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 valued at $33,000 after acquiring an additional 48 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Down 4.0 %

TSLA opened at $338.59 on Tuesday. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $361.93. The business has a 50-day moving average of $266.31 and a two-hundred day moving average of $227.97. 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 stock has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 92.76, a price-to-earnings-growth ratio of 11.45 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results 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 firm 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 revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 earnings per share. On average, research analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on TSLA shares. UBS Group increased their price target on shares of Tesla from $197.00 to $226.00 and gave the stock a “sell” rating in a research note on Monday. Truist Financial increased their target price on shares of Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price objective on shares of Tesla in a research note on Tuesday, August 20th. The Goldman Sachs Group lifted their target price on Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Finally, Oppenheimer restated a “market perform” rating on shares of Tesla in a research note on Tuesday, October 8th. Nine equities research 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. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $231.06.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This represents a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Xiaotong Zhu sold 297 shares of the company’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 completion of the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 301,187 shares of company stock valued at $92,956,692. 20.70% of the stock is currently owned by company insiders.

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.