Cynosure Group LLC Sells 3,918 Shares of Tesla, Inc. (NASDAQ:TSLA)

Cynosure Group LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 58.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,750 shares of the electric vehicle producer’s stock after selling 3,918 shares during the period. Cynosure Group LLC’s holdings in Tesla were worth $719,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Connable Office Inc. lifted its stake in Tesla by 0.3% in the 3rd quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock valued at $3,368,000 after purchasing an additional 38 shares during the last quarter. Holistic Financial Partners lifted its position in shares of Tesla by 1.0% in the third quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock valued at $1,061,000 after buying an additional 40 shares during the last quarter. Integris Wealth Management LLC boosted its stake in shares of Tesla by 1.0% during the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock worth $804,000 after acquiring an additional 42 shares during the period. Sherrill & Hutchins Financial Advisory Inc increased its holdings in shares of Tesla by 1.4% during the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after acquiring an additional 43 shares during the last quarter. Finally, Altman Advisors Inc. raised its stake in Tesla by 0.4% in the 3rd quarter. Altman Advisors Inc. now owns 10,754 shares of the electric vehicle producer’s stock valued at $2,814,000 after acquiring an additional 43 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Canaccord Genuity Group lifted their price objective on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. The Goldman Sachs Group upped their price target on shares of Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, October 24th. Canaccord Genuity Group increased their price target on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Bank of America boosted their price objective on Tesla from $265.00 to $350.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Tesla has an average rating of “Hold” and an average target price of $231.06.

Tesla Stock Down 1.6 %

Shares of NASDAQ:TSLA opened at $332.89 on Thursday. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $361.93. The company has a market capitalization of $1.07 trillion, a PE ratio of 91.20, a price-to-earnings-growth ratio of 11.00 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The company has a fifty day moving average of $270.63 and a 200-day moving average of $229.89.

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

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,258,000. This represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the transaction, the director now directly owns 85,000 shares in the company, valued at $26,727,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 301,187 shares of company stock worth $92,956,692 in the last quarter. 20.70% of the stock is owned by 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.