The Manufacturers Life Insurance Company Acquires 17,855 Shares of Tesla, Inc. (NASDAQ:TSLA)

The Manufacturers Life Insurance Company increased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 1.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,837,217 shares of the electric vehicle producer’s stock after buying an additional 17,855 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Tesla worth $480,671,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of TSLA. Capital Square LLC bought a new stake in shares of Tesla in the 3rd quarter valued at about $213,000. Private Trust Co. NA lifted its position in Tesla by 13.7% during the third quarter. Private Trust Co. NA now owns 6,044 shares of the electric vehicle producer’s stock valued at $1,581,000 after acquiring an additional 730 shares during the last quarter. Diversified LLC grew its holdings in Tesla by 5.3% in the third quarter. Diversified LLC now owns 2,539 shares of the electric vehicle producer’s stock worth $664,000 after purchasing an additional 127 shares during the last quarter. Canton Hathaway LLC lifted its holdings in shares of Tesla by 26.2% during the 3rd quarter. Canton Hathaway LLC now owns 4,690 shares of the electric vehicle producer’s stock valued at $1,227,000 after purchasing an additional 975 shares during the last quarter. Finally, Truvestments Capital LLC acquired a new stake in shares of Tesla in the 3rd quarter worth $334,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Glj Research reissued a “sell” rating and issued a $24.86 price target on shares of Tesla in a report on Thursday, October 17th. Phillip Securities cut shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. Oppenheimer reissued a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Truist Financial raised their target price on Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Finally, Wells Fargo & Company boosted their price target on Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Tesla has an average rating of “Hold” and a consensus target price of $231.06.

Tesla Stock Performance

Shares of Tesla stock opened at $338.59 on Tuesday. The business’s fifty day simple moving average is $266.31 and its 200-day simple moving average is $227.97. 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 firm has a market cap of $1.09 trillion, a PE ratio of 92.76, a price-to-earnings-growth ratio of 11.45 and a beta of 2.29. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $361.93.

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

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the transaction, the director now owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. This represents a 56.94 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This trade represents a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 301,187 shares of company stock worth $92,956,692. Insiders own 20.70% of the company’s stock.

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.