Alexander Labrunerie & CO. Inc. Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Alexander Labrunerie & CO. Inc. cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 4.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,022 shares of the electric vehicle producer’s stock after selling 312 shares during the period. Tesla accounts for 0.8% of Alexander Labrunerie & CO. Inc.’s holdings, making the stock its 28th biggest holding. Alexander Labrunerie & CO. Inc.’s holdings in Tesla were worth $1,837,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. RBA Wealth Management LLC lifted its holdings in shares of Tesla by 3.3% in the third quarter. RBA Wealth Management LLC now owns 3,271 shares of the electric vehicle producer’s stock worth $856,000 after buying an additional 103 shares in the last quarter. Waldron Private Wealth LLC grew its stake in Tesla by 7.6% during the third quarter. Waldron Private Wealth LLC now owns 16,380 shares of the electric vehicle producer’s stock valued at $4,286,000 after acquiring an additional 1,152 shares in the last quarter. Leo Wealth LLC increased its holdings in Tesla by 5.7% in the 3rd quarter. Leo Wealth LLC now owns 4,691 shares of the electric vehicle producer’s stock valued at $1,227,000 after acquiring an additional 251 shares during the last quarter. Eastern Bank boosted its holdings in shares of Tesla by 65.2% during the 3rd quarter. Eastern Bank now owns 7,655 shares of the electric vehicle producer’s stock valued at $2,003,000 after purchasing an additional 3,020 shares during the last quarter. Finally, Xcel Wealth Management LLC grew its position in shares of Tesla by 2.1% during the third quarter. Xcel Wealth Management LLC now owns 13,067 shares of the electric vehicle producer’s stock valued at $3,419,000 after purchasing an additional 265 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TSLA shares. The Goldman Sachs Group reissued a “neutral” rating and set a $230.00 price target on shares of Tesla in a research note on Friday, October 11th. Barclays lowered their target price on Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a research report on Thursday, July 25th. Royal Bank of Canada boosted their price target on shares of Tesla from $224.00 to $236.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 8th. Citigroup dropped their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Finally, Jefferies Financial Group upped their target price on shares of Tesla from $165.00 to $195.00 and gave the company a “hold” rating in a research report on Monday. Nine equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $211.63.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $217.97 on Wednesday. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $695.15 billion, a price-to-earnings ratio of 55.60, a price-to-earnings-growth ratio of 6.31 and a beta of 2.29. The firm has a 50 day moving average of $228.30 and a 200 day moving average of $206.36. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $271.00.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The company had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.78 earnings per share. On average, sell-side analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,661 shares of company stock worth $16,663,291. Corporate insiders own 25.10% of the company’s stock.

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.