Kingsview Wealth Management LLC Sells 1,358 Shares of Tesla, Inc. (NASDAQ:TSLA)

by · The Markets Daily

Kingsview Wealth Management LLC decreased its position in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,808 shares of the electric vehicle producer’s stock after selling 1,358 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Tesla were worth $11,461,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in TSLA. International Assets Investment Management LLC raised its holdings in Tesla by 35,611.2% during the 3rd quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after purchasing an additional 11,023,436 shares during the last quarter. Clean Energy Transition LLP increased its stake in shares of Tesla by 347.7% in the 2nd quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after acquiring an additional 6,764,300 shares in the last quarter. Strategic Financial Concepts LLC increased its stake in shares of Tesla by 21,816.0% in the 2nd quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock valued at $1,167,970,000 after acquiring an additional 5,875,484 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Tesla by 236.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer’s stock valued at $416,341,000 after acquiring an additional 1,479,378 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in shares of Tesla by 11.9% in the 3rd quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock valued at $3,192,203,000 after acquiring an additional 1,294,093 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald reiterated a “neutral” rating and issued a $245.00 price objective on shares of Tesla in a research note on Wednesday, October 23rd. Robert W. Baird reiterated an “outperform” rating and issued a $280.00 price objective on shares of Tesla in a research note on Tuesday, August 20th. Wells Fargo & Company lifted their price target on shares of Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $295.00 price target on shares of Tesla in a research report on Tuesday, September 10th. Finally, Oppenheimer reissued a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and a consensus price target of $230.18.

View Our Latest Analysis on Tesla

Tesla Price Performance

NASDAQ TSLA opened at $352.56 on Friday. Tesla, Inc. has a one year low of $138.80 and a one year high of $361.53. The stock has a 50-day moving average of $264.07 and a 200 day moving average of $226.09. The company has a market capitalization of $1.13 trillion, a price-to-earnings ratio of 96.59, a PEG ratio of 11.03 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 EPS. On average, sell-side analysts forecast that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of the 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 sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were 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 directly owns 105,032 shares in the company, valued at $26,258,000. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 301,187 shares of company stock worth $92,956,692. Company insiders own 20.70% of the company’s stock.

Tesla Profile

(Free Report)

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.

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