MONECO Advisors LLC Reduces Stake in Tesla, Inc. (NASDAQ:TSLA)

MONECO Advisors LLC trimmed its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.7% in the third quarter, HoldingsChannel.com reports. The fund owned 12,779 shares of the electric vehicle producer’s stock after selling 629 shares during the period. MONECO Advisors LLC’s holdings in Tesla were worth $3,343,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank & Trust Co acquired a new stake in Tesla in the 2nd quarter valued at about $25,000. Valley Wealth Managers Inc. purchased a new stake in Tesla during the second quarter worth approximately $26,000. Abich Financial Wealth Management LLC lifted its stake in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the last quarter. Clean Yield Group increased its position in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Finally, M&R Capital Management Inc. increased its position in Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 100 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several research analyst reports. Citigroup cut their price target on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $295.00 target price on shares of Tesla in a report on Tuesday, September 10th. William Blair initiated coverage on Tesla in a report on Thursday, August 29th. They issued an “outperform” rating on the stock. China Renaissance raised Tesla from a “hold” rating to a “buy” rating and set a $290.00 price objective on the stock in a report on Friday, July 5th. Finally, New Street Research lowered Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective on the stock. in a report on Wednesday, July 24th. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, Tesla currently has an average rating of “Hold” and an average target price of $219.45.

Insider Activity

In related news, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction dated Thursday, October 24th. The stock was 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 owns 105,032 shares of the company’s stock, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred 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 transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,297 shares of company stock worth $3,065,866. 20.70% of the stock is currently owned by corporate insiders.

Tesla Trading Down 0.4 %

NASDAQ:TSLA traded down $1.00 on Tuesday, hitting $261.51. 8,787,050 shares of the stock were exchanged, compared to its average volume of 94,335,336. 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 fifty-two week low of $138.80 and a fifty-two week high of $273.54. The stock has a market cap of $839.46 billion, a PE ratio of 71.92, a PEG ratio of 7.59 and a beta of 2.29. The stock has a fifty day moving average of $231.33 and a 200-day moving average of $208.54.

Tesla (NASDAQ:TSLA) last posted its earnings results 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. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. During the same quarter last year, the firm earned $0.53 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. As a group, equities analysts expect that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Tesla Company Profile

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.