ICICI Prudential Asset Management Co Ltd Raises Holdings in Tesla, Inc. (NASDAQ:TSLA)

ICICI Prudential Asset Management Co Ltd increased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 19.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 24,440 shares of the electric vehicle producer’s stock after buying an additional 3,909 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Tesla were worth $6,394,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in TSLA. Integris Wealth Management LLC grew its position in Tesla by 1.0% in the second quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after acquiring an additional 42 shares during the period. Sherrill & Hutchins Financial Advisory Inc boosted its holdings in Tesla by 1.4% during the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock valued at $800,000 after acquiring an additional 43 shares during the period. Echo Wealth Management LLC grew its holdings in shares of Tesla by 0.7% in the second quarter. Echo Wealth Management LLC now owns 6,474 shares of the electric vehicle producer’s stock valued at $1,281,000 after purchasing an additional 44 shares in the last quarter. Essex Savings Bank grew its position in shares of Tesla by 1.4% during the third quarter. Essex Savings Bank now owns 3,128 shares of the electric vehicle producer’s stock worth $818,000 after buying an additional 44 shares in the last quarter. Finally, WASHINGTON TRUST Co increased its position in shares of Tesla by 3.2% in the 2nd quarter. WASHINGTON TRUST Co now owns 1,433 shares of the electric vehicle producer’s stock valued at $284,000 after purchasing an additional 45 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Down 1.1 %

Tesla stock traded down $3.64 during midday trading on Wednesday, hitting $324.85. The stock had a trading volume of 59,363,934 shares, compared to its average volume of 95,501,219. The business has a fifty day moving average price of $246.26 and a 200 day moving average price of $218.16. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $358.64. The stock has a market cap of $1.04 trillion, a P/E ratio of 88.91, a P/E/G ratio of 10.67 and a beta of 2.29. 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 posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm 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 firm’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the firm earned $0.53 EPS. Research analysts predict that Tesla, Inc. will post 1.99 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TSLA shares. Piper Sandler increased their price objective on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a report on Friday, October 25th. JPMorgan Chase & Co. increased their target price on shares of Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Sanford C. Bernstein reissued an “underperform” rating and issued a $120.00 price target on shares of Tesla in a research report on Thursday, October 3rd. New Street Research lowered Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective on the stock. in a report on Wednesday, July 24th. Finally, Roth Mkm reissued a “neutral” rating and issued a $85.00 target price on shares of Tesla in a research report on Friday, October 11th. Eight analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $225.06.

Insider Buying and Selling at Tesla

In related news, Director Kimbal Musk sold 60,500 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $250.23, for a total value of $15,138,915.00. Following the completion of the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,442,856.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,797 shares of company stock valued at $19,211,821. 20.70% of the stock is currently owned by corporate 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.