Icon Wealth Advisors LLC Has $912,000 Position in Tesla, Inc. (NASDAQ:TSLA)

Icon Wealth Advisors LLC decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 45.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,484 shares of the electric vehicle producer’s stock after selling 2,957 shares during the period. Icon Wealth Advisors LLC’s holdings in Tesla were worth $912,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Covenant Asset Management LLC boosted its stake in Tesla by 14.7% in the 3rd quarter. Covenant Asset Management LLC now owns 1,288 shares of the electric vehicle producer’s stock valued at $337,000 after buying an additional 165 shares in the last quarter. Allen Capital Group LLC boosted its stake in shares of Tesla by 31.9% in the 3rd quarter. Allen Capital Group LLC now owns 4,130 shares of the electric vehicle producer’s stock valued at $1,081,000 after purchasing an additional 1,000 shares in the last quarter. CFS Investment Advisory Services LLC grew its holdings in shares of Tesla by 1.2% in the 3rd quarter. CFS Investment Advisory Services LLC now owns 5,612 shares of the electric vehicle producer’s stock worth $1,468,000 after purchasing an additional 68 shares during the last quarter. First County Bank CT increased its position in shares of Tesla by 6.2% during the 3rd quarter. First County Bank CT now owns 3,051 shares of the electric vehicle producer’s stock worth $798,000 after purchasing an additional 177 shares in the last quarter. Finally, Concorde Asset Management LLC lifted its holdings in Tesla by 2.1% during the 3rd quarter. Concorde Asset Management LLC now owns 3,193 shares of the electric vehicle producer’s stock valued at $835,000 after purchasing an additional 67 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Tesla 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 transaction of $1,000,000.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 3.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 301,187 shares of company stock worth $92,956,692. Company insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Bank of America raised their price target on Tesla from $265.00 to $350.00 and gave the company a “buy” rating in a report on Thursday, November 7th. Wedbush restated an “outperform” rating and set a $400.00 target price on shares of Tesla in a report on Monday, November 18th. Truist Financial lifted their price target on Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $230.18.

Tesla Price Performance

TSLA opened at $352.56 on Friday. The stock has a market cap of $1.13 trillion, a P/E ratio of 96.59, a P/E/G ratio of 11.03 and a beta of 2.29. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $361.53. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The company has a fifty day simple moving average of $264.07 and a 200 day simple moving average of $226.09.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the prior year, the company earned $0.53 earnings per share. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts expect that Tesla, Inc. will post 1.99 EPS for the current year.

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.