Pacifica Partners Inc. Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Pacifica Partners Inc. cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 14.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 620 shares of the electric vehicle producer’s stock after selling 104 shares during the quarter. Pacifica Partners Inc.’s holdings in Tesla were worth $162,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Bank & Trust Co purchased a new stake in shares of Tesla during the 2nd quarter worth $25,000. Valley Wealth Managers Inc. bought a new position in Tesla in the second quarter worth about $26,000. Abich Financial Wealth Management LLC lifted its position in shares of Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares during the last quarter. M&R Capital Management Inc. grew its position in shares of Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 100 shares during the last quarter. Finally, Kessler Investment Group LLC raised its stake in shares of Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after acquiring an additional 51 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

NASDAQ:TSLA opened at $240.83 on Tuesday. The company has a market cap of $768.05 billion, a P/E ratio of 61.44, a P/E/G ratio of 6.79 and a beta of 2.29. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $271.00. The company’s 50-day moving average price is $224.00 and its 200-day moving average price is $201.78. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $0.78 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 1.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at approximately $18,696,600. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,661 shares of company stock valued at $16,663,291. Insiders own 25.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Glj Research reaffirmed a “sell” rating and set a $24.86 price target on shares of Tesla in a research report on Thursday, September 26th. Wells Fargo & Company reiterated an “underweight” rating and issued a $120.00 price target on shares of Tesla in a research note on Monday, July 1st. Needham & Company LLC restated a “hold” rating on shares of Tesla in a report on Wednesday, July 24th. China Renaissance upgraded shares of Tesla from a “hold” rating to a “buy” rating and set a $290.00 target price for the company in a research note on Friday, July 5th. Finally, Sanford C. Bernstein restated an “underperform” rating and set a $120.00 price target on shares of Tesla in a research note on Thursday, October 3rd. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus target price of $210.54.

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.