Evercore Wealth Management LLC Has $10.37 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Evercore Wealth Management LLC trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 28.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 25,680 shares of the electric vehicle producer’s stock after selling 10,187 shares during the period. Evercore Wealth Management LLC’s holdings in Tesla were worth $10,371,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Tesla in the fourth quarter valued at about $14,420,248,000. FMR LLC raised its holdings in Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after buying an additional 9,920,325 shares during the last quarter. Strategic Financial Concepts LLC boosted its position in Tesla by 36,790.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock worth $3,497,526,000 after buying an additional 8,637,195 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Tesla by 4,963.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock worth $2,356,288,000 after acquiring an additional 5,719,466 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its position in Tesla by 55,181.0% in the 4th quarter. Proficio Capital Partners LLC now owns 4,382,674 shares of the electric vehicle producer’s stock valued at $1,769,899,000 after acquiring an additional 4,374,746 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on TSLA shares. TD Cowen raised shares of Tesla from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $180.00 to $388.00 in a research note on Friday, March 7th. Wells Fargo & Company reduced their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research report on Friday, March 14th. Glj Research restated a “sell” rating on shares of Tesla in a research report on Monday. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a report on Monday, February 10th. Finally, Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating in a report on Thursday, March 6th. Ten equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $290.66.

Tesla Price Performance

TSLA stock opened at $237.97 on Wednesday. The company has a market capitalization of $765.43 billion, a P/E ratio of 116.65, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a 52-week low of $141.11 and a 52-week high of $488.54. The business has a 50-day simple moving average of $269.39 and a two-hundred day simple moving average of $322.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The company had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the company posted $0.45 EPS. Research analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the completion of the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $32,643,400. This represents a 56.94 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $383.11, for a total transaction of $2,681,770.00. Following the completion of the sale, the chief financial officer now owns 108,965 shares of the company’s stock, valued at approximately $41,745,581.15. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 374,228 shares of company stock worth $123,791,123 over the last quarter. 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.