Krane Funds Advisors LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Krane Funds Advisors LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 40.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,335 shares of the electric vehicle producer’s stock after selling 9,120 shares during the quarter. Tesla accounts for about 0.1% of Krane Funds Advisors LLC’s portfolio, making the stock its 17th largest position. Krane Funds Advisors LLC’s holdings in Tesla were worth $3,489,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of TSLA. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in shares of Tesla by 60.2% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after buying an additional 206,248 shares during the period. Morse Asset Management Inc lifted its stake in Tesla by 138.1% in the second quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock worth $1,181,000 after acquiring an additional 3,462 shares during the last quarter. NewEdge Advisors LLC lifted its position in shares of Tesla by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock worth $46,858,000 after purchasing an additional 27,130 shares during the last quarter. Entropy Technologies LP purchased a new stake in Tesla during the 1st quarter worth about $1,941,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Tesla during the 1st quarter worth about $79,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Trading Down 0.8 %

Shares of TSLA stock opened at $218.85 on Tuesday. The company has a market capitalization of $699.15 billion, a price-to-earnings ratio of 61.47, a PEG ratio of 6.31 and a beta of 2.29. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The firm has a 50-day moving average price of $228.09 and a 200 day moving average price of $205.99. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $271.00.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion for the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.78 EPS. Research analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Analyst Ratings Changes

TSLA has been the topic of several recent analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $310.00 price target on shares of Tesla in a research note on Thursday, October 3rd. Argus restated a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research note on Friday, July 26th. Glj Research reissued a “sell” rating and issued a $24.86 target price on shares of Tesla in a research report on Thursday, October 17th. KGI Securities reiterated a “neutral” rating and issued a $236.00 price objective on shares of Tesla in a research note on Thursday, July 25th. Finally, UBS Group lowered shares of Tesla from a “neutral” rating to a “sell” rating and raised their target price for the stock from $147.00 to $197.00 in a research report on Friday, July 12th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $211.63.

Insiders Place Their Bets

In related news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,661 shares of company stock valued at $16,663,291 in the last quarter. 20.70% of the stock is currently owned by company 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.