OVERSEA CHINESE BANKING Corp Ltd Sells 50,975 Shares of Tesla, Inc. $TSLA

OVERSEA CHINESE BANKING Corp Ltd reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 59.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,176 shares of the electric vehicle producer’s stock after selling 50,975 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Tesla were worth $11,361,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. LGT Financial Advisors LLC acquired a new stake in Tesla in the second quarter valued at approximately $29,000. Arcadia Investment Management Corp MI acquired a new stake in Tesla in the first quarter valued at approximately $27,000. Chelsea Counsel Co. grew its stake in Tesla by 59.7% in the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Evergreen Private Wealth LLC grew its stake in Tesla by 270.0% in the second quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after acquiring an additional 81 shares during the period. Finally, Centennial Bank AR grew its stake in Tesla by 833.3% in the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer’s stock valued at $29,000 after acquiring an additional 100 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Stifel Nicolaus set a $483.00 price objective on Tesla and gave the company a “buy” rating in a research note on Wednesday, October 8th. Piper Sandler raised their price objective on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. Dbs Bank lifted their target price on Tesla from $300.00 to $450.00 in a research report on Wednesday, September 17th. Melius Research set a $520.00 target price on Tesla and gave the company a “buy” rating in a research report on Monday, October 13th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating, twelve have assigned a Hold rating and eleven have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $381.00.

Tesla Stock Down 3.4%

TSLA stock opened at $433.72 on Monday. The stock’s fifty day simple moving average is $398.06 and its two-hundred day simple moving average is $341.21. The company has a current ratio of 2.07, a quick ratio of 1.67 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 1-year low of $214.25 and a 1-year high of $488.54. The stock has a market cap of $1.44 trillion, a P/E ratio of 289.15, a P/E/G ratio of 15.45 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The business’s revenue was up 11.6% on a year-over-year basis. Analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 202,606 shares of company stock valued at $75,588,902. Insiders own 19.90% of the company’s stock.

Tesla 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.