LifeSteps Financial Inc. Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

LifeSteps Financial Inc. lessened its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.3% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 2,395 shares of the electric vehicle producer’s stock after selling 107 shares during the quarter. LifeSteps Financial Inc.’s holdings in Tesla were worth $627,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Tesla by 60.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after purchasing an additional 206,248 shares during the period. Morse Asset Management Inc grew its holdings in Tesla by 138.1% during the 2nd quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock worth $1,181,000 after acquiring an additional 3,462 shares in the last quarter. NewEdge Advisors LLC raised its stake in Tesla by 12.9% in the second quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock valued at $46,858,000 after buying an additional 27,130 shares in the last quarter. Entropy Technologies LP purchased a new stake in shares of Tesla during the 1st quarter worth approximately $1,941,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Tesla during the 1st quarter worth approximately $79,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at approximately $14,967,479.07. This 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 sold 74,661 shares of company stock worth $16,663,291. Insiders own 20.70% of the company’s stock.

Tesla Trading Down 0.7 %

Shares of TSLA stock traded down $1.50 during trading hours on Thursday, reaching $219.83. The company had a trading volume of 30,434,112 shares, compared to its average volume of 94,480,781. The company has a 50 day moving average of $226.81 and a 200 day moving average of $204.69. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. The firm has a market cap of $702.28 billion, a price-to-earnings ratio of 61.73, a P/E/G ratio of 5.94 and a beta of 2.29. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $271.00.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 earnings per share. On average, equities research analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TSLA. Piper Sandler boosted their price target on Tesla from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Wednesday, September 25th. Wolfe Research assumed coverage on Tesla in a research report on Thursday, September 5th. They set a “peer perform” rating on the stock. TD Cowen increased their price objective on shares of Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Truist Financial upped their price objective on shares of Tesla from $215.00 to $236.00 and gave the company a “hold” rating in a research report on Thursday, October 3rd. Finally, William Blair assumed coverage on shares of Tesla in a research report on Thursday, August 29th. They set an “outperform” rating on the stock. 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 company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $210.72.

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.