The Manufacturers Life Insurance Company Reduces Stake in Tesla, Inc. $TSLA

The Manufacturers Life Insurance Company decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,313,091 shares of the electric vehicle producer’s stock after selling 88,588 shares during the quarter. Tesla makes up approximately 0.7% of The Manufacturers Life Insurance Company’s portfolio, making the stock its 24th biggest position. The Manufacturers Life Insurance Company’s holdings in Tesla were worth $734,778,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in TSLA. LGT Financial Advisors LLC purchased a new position in shares of Tesla in the 2nd quarter valued at $29,000. CoreFirst Bank & Trust purchased a new stake in Tesla in the second quarter valued at $30,000. ESL Trust Services LLC boosted its stake in Tesla by 1,900.0% in the second quarter. ESL Trust Services LLC now owns 100 shares of the electric vehicle producer’s stock valued at $32,000 after acquiring an additional 95 shares in the last quarter. Chelsea Counsel Co. grew its holdings in shares of Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Finally, Evergreen Private Wealth LLC grew its holdings in shares of Tesla by 270.0% during the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after purchasing an additional 81 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TSLA has been the subject of several research reports. DZ Bank reissued a “sell” rating on shares of Tesla in a report on Thursday, October 23rd. Wedbush reaffirmed an “outperform” rating and set a $600.00 price target on shares of Tesla in a research report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Tesla in a report on Thursday, October 30th. Baird R W upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Friday, September 19th. Finally, Truist Financial lifted their target price on shares of Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating, fourteen have given a Hold rating and nine have issued a Sell rating to the stock. Based on data from MarketBeat, Tesla presently has a consensus rating of “Hold” and a consensus price target of $399.33.

Tesla Trading Up 1.5%

Shares of Tesla stock opened at $451.91 on Thursday. The firm has a market cap of $1.50 trillion, a price-to-earnings ratio of 301.27, a price-to-earnings-growth ratio of 14.99 and a beta of 1.87. Tesla, Inc. has a 52-week low of $214.25 and a 52-week high of $488.54. The company’s 50-day simple moving average is $434.72 and its 200-day simple moving average is $374.86. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last released its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm’s quarterly revenue was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 EPS. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the transaction, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,637 shares of the business’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $443.93, for a total transaction of $1,170,643.41. Following the sale, the chief financial officer owned 13,757 shares in the company, valued at $6,107,145.01. The trade was a 16.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 19.90% of the company’s stock.

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.