Cornerstone Advisors Inc. raised its holdings in Tesla Inc (NASDAQ:TSLA) by 255.6% during the third quarter, HoldingsChannel reports. The firm owned 1,561 shares of the electric vehicle producer’s stock after acquiring an additional 1,122 shares during the quarter. Cornerstone Advisors Inc.’s holdings in Tesla were worth $413,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D acquired a new stake in shares of Tesla during the 3rd quarter valued at $13,239,000. Westpac Banking Corp boosted its holdings in shares of Tesla by 127.3% during the 3rd quarter. Westpac Banking Corp now owns 90,053 shares of the electric vehicle producer’s stock valued at $23,843,000 after acquiring an additional 50,440 shares in the last quarter. Royal London Asset Management Ltd. acquired a new stake in shares of Tesla during the 2nd quarter valued at $19,278,000. Macquarie Group Ltd. boosted its holdings in shares of Tesla by 10.9% during the 2nd quarter. Macquarie Group Ltd. now owns 62,596 shares of the electric vehicle producer’s stock valued at $21,467,000 after acquiring an additional 6,147 shares in the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of Tesla by 53.1% during the 2nd quarter. Signaturefd LLC now owns 853 shares of the electric vehicle producer’s stock valued at $293,000 after acquiring an additional 296 shares in the last quarter. 59.29% of the stock is currently owned by institutional investors.
In other news, Director Kimbal Musk sold 1,875 shares of Tesla stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $306.00, for a total value of $573,750.00. Following the completion of the transaction, the director now directly owns 150,208 shares of the company’s stock, valued at approximately $45,963,648. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jerome M. Guillen sold 1,000 shares of Tesla stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $306.00, for a total value of $306,000.00. Following the completion of the transaction, the insider now directly owns 8,598 shares of the company’s stock, valued at $2,630,988. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,375 shares of company stock valued at $9,029,040. Corporate insiders own 22.80% of the company’s stock.
Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 24th. The electric vehicle producer reported $2.90 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($1.77) by $4.67. Tesla had a negative return on equity of 34.27% and a negative net margin of 10.22%. The firm had revenue of $6.82 billion during the quarter, compared to analyst estimates of $5.67 billion. Analysts expect that Tesla Inc will post -5.21 earnings per share for the current year.
Several equities research analysts recently weighed in on the company. Nomura reissued a “neutral” rating and set a $450.00 price objective (up previously from $400.00) on shares of Tesla in a report on Tuesday, September 11th. Morgan Stanley set a $291.00 price objective on Tesla and gave the company a “neutral” rating in a report on Monday, August 27th. JMP Securities reissued a “buy” rating and set a $412.00 price objective on shares of Tesla in a report on Thursday, October 25th. Evercore ISI set a $299.00 price objective on Tesla and gave the company a “hold” rating in a report on Thursday, October 4th. Finally, Canaccord Genuity raised their price objective on Tesla from $316.00 to $323.00 and gave the company a “hold” rating in a report on Thursday, October 25th. Twelve equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. The company has an average rating of “Hold” and an average price target of $325.95.
Tesla, Inc designs, develops, manufactures, and sells electric vehicles, and energy generation and storage systems in the United States, China, Norway, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers sedans and sport utility vehicles.
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