State Street Corp Sells 2,259,175 Shares of Tesla, Inc. (NASDAQ:TSLA)

State Street Corp reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 111,709,189 shares of the electric vehicle producer’s stock after selling 2,259,175 shares during the period. Tesla accounts for 1.2% of State Street Corp’s holdings, making the stock its 11th biggest holding. State Street Corp’s holdings in Tesla were worth $29,226,475,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. NBC Securities Inc. grew its holdings in shares of Tesla by 50.7% during the second quarter. NBC Securities Inc. now owns 4,361 shares of the electric vehicle producer’s stock valued at $862,000 after buying an additional 1,467 shares during the last quarter. Canandaigua National Bank & Trust Co. boosted its holdings in Tesla by 7.4% during the second quarter. Canandaigua National Bank & Trust Co. now owns 1,314 shares of the electric vehicle producer’s stock worth $260,000 after purchasing an additional 90 shares during the last quarter. U.S. Capital Wealth Advisors LLC raised its position in Tesla by 8.7% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 8,205 shares of the electric vehicle producer’s stock worth $1,624,000 after acquiring an additional 659 shares during the period. BDF Gestion bought a new stake in Tesla in the second quarter worth about $9,459,000. Finally, CCM Investment Advisers LLC raised its position in Tesla by 1.4% in the second quarter. CCM Investment Advisers LLC now owns 36,749 shares of the electric vehicle producer’s stock worth $7,272,000 after acquiring an additional 508 shares during the period. 66.20% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on TSLA. UBS Group lifted their price objective on shares of Tesla from $197.00 to $226.00 and gave the stock a “sell” rating in a research report on Monday, November 25th. Royal Bank of Canada boosted their price target on shares of Tesla from $249.00 to $313.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 target price on shares of Tesla in a report on Tuesday, August 20th. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a report on Tuesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $295.00 target price on shares of Tesla in a report on Tuesday, September 10th. Nine analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $243.75.

Tesla Stock Up 1.9 %

Shares of NASDAQ TSLA opened at $357.93 on Thursday. 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, Inc. has a 12 month low of $138.80 and a 12 month high of $361.93. The firm has a market capitalization of $1.15 trillion, a PE ratio of 98.06, a price-to-earnings-growth ratio of 11.41 and a beta of 2.36. The firm has a fifty day simple moving average of $280.65 and a two-hundred day simple moving average of $235.96.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data 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 business 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%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.53 EPS. Equities analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP Xiaotong Zhu sold 297 shares of the 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 sale, 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 0.44 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares in the company, valued at approximately $1,868,508. The trade was a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 420,577 shares of company stock worth $135,230,506 in the last three months. 20.70% of the stock is owned by corporate insiders.

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.