Conning Inc. Trims Holdings in Tesla, Inc. $TSLA

Conning Inc. trimmed its stake in Tesla, Inc. (NASDAQ:TSLA) by 3.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 16,669 shares of the electric vehicle producer’s stock after selling 557 shares during the period. Conning Inc.’s holdings in Tesla were worth $5,295,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC raised its holdings in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after buying an additional 44 shares during the period. First PREMIER Bank increased its stake in Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after purchasing an additional 42 shares during the period. Newton One Investments LLC lifted its position in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Tesla in the first quarter valued at approximately $27,000. Finally, Chelsea Counsel Co. grew its holdings in shares of Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Trading Down 5.1%

Shares of TSLA stock opened at $413.49 on Monday. The business’s fifty day moving average price is $375.97 and its 200 day moving average price is $328.28. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The firm has a market capitalization of $1.37 trillion, a PE ratio of 239.01, a P/E/G ratio of 14.92 and a beta of 2.08. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same period in the prior year, the company earned $0.52 EPS. The company’s revenue was down 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. HSBC increased their target price on shares of Tesla from $120.00 to $127.00 in a report on Monday, September 29th. Piper Sandler raised their target price on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a report on Monday, September 22nd. Deutsche Bank Aktiengesellschaft raised their price target on Tesla from $345.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, September 26th. China Renaissance reissued a “hold” rating and set a $349.00 price objective on shares of Tesla in a report on Friday, July 25th. Finally, The Goldman Sachs Group lifted their price target on Tesla from $395.00 to $425.00 and gave the stock a “neutral” rating in a research report on Friday, October 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have issued a Hold rating and eight have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Tesla has an average rating of “Hold” and an average price target of $354.67.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by company 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.