Firsthand Capital Management Inc. Sells 5,000 Shares of Tesla, Inc. (NASDAQ:TSLA)

Firsthand Capital Management Inc. cut its stake in Tesla, Inc. (NASDAQ:TSLA) by 55.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,000 shares of the electric vehicle producer’s stock after selling 5,000 shares during the quarter. Tesla comprises about 2.1% of Firsthand Capital Management Inc.’s holdings, making the stock its 17th largest position. Firsthand Capital Management Inc.’s holdings in Tesla were worth $1,047,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its holdings in shares of Tesla by 35,611.2% in the third quarter. International Assets Investment Management LLC now owns 11,054,391 shares of the electric vehicle producer’s stock worth $2,892,160,000 after buying an additional 11,023,436 shares in the last quarter. Clean Energy Transition LLP boosted its holdings in Tesla by 347.7% in the 2nd quarter. Clean Energy Transition LLP now owns 4,818,600 shares of the electric vehicle producer’s stock valued at $953,505,000 after purchasing an additional 6,764,300 shares during the period. Strategic Financial Concepts LLC increased its holdings in shares of Tesla by 21,816.0% in the second quarter. Strategic Financial Concepts LLC now owns 5,902,416 shares of the electric vehicle producer’s stock worth $1,167,970,000 after purchasing an additional 5,875,484 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Tesla by 13.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after buying an additional 2,946,763 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Tesla by 236.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,104,010 shares of the electric vehicle producer’s stock worth $416,341,000 after purchasing an additional 1,479,378 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Tesla from $265.00 to $350.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Glj Research reiterated a “sell” rating and issued a $24.86 target price on shares of Tesla in a research report on Thursday, October 17th. Canaccord Genuity Group raised their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $245.00 price objective on shares of Tesla in a report on Wednesday, October 23rd. Finally, Morgan Stanley reissued an “overweight” rating and set a $310.00 price objective on shares of Tesla in a report on Thursday, October 3rd. 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 stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $231.06.

Insider Buying and Selling at Tesla

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the sale, the director now directly owns 85,000 shares in the company, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the company’s 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 completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 301,187 shares of company stock valued at $92,956,692. Corporate insiders own 20.70% of the company’s stock.

Tesla Trading Up 3.7 %

NASDAQ TSLA opened at $345.16 on Friday. The firm has a market capitalization of $1.11 trillion, a PE ratio of 94.56, a P/E/G ratio of 10.81 and a beta of 2.29. The stock’s 50 day moving average is $274.55 and its 200 day moving average is $231.81. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $361.93. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

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