Cidel Asset Management Inc. Lowers Position in Tesla, Inc. $TSLA

Cidel Asset Management Inc. lessened its stake in Tesla, Inc. (NASDAQ:TSLA) by 0.8% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 22,142 shares of the electric vehicle producer’s stock after selling 189 shares during the quarter. Cidel Asset Management Inc.’s holdings in Tesla were worth $7,034,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. First Merchants Corp increased its position in Tesla by 1.3% in the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock worth $767,000 after purchasing an additional 31 shares during the last quarter. KWB Wealth increased its position in Tesla by 2.4% in the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock worth $439,000 after purchasing an additional 33 shares during the last quarter. Conrad Siegel Investment Advisors Inc. increased its position in Tesla by 3.6% in the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock worth $310,000 after purchasing an additional 34 shares during the last quarter. Guyasuta Investment Advisors Inc. increased its position in Tesla by 0.7% in the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock worth $1,622,000 after purchasing an additional 34 shares during the last quarter. Finally, Acorn Creek Capital LLC increased its position in Tesla by 1.6% in the second quarter. Acorn Creek Capital LLC now owns 2,194 shares of the electric vehicle producer’s stock worth $697,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction dated Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 202,606 shares of company stock worth $75,588,902. Insiders own 19.90% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several research reports. Mizuho boosted their price target on shares of Tesla from $375.00 to $450.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 23rd. The Goldman Sachs Group boosted their price objective on shares of Tesla from $395.00 to $425.00 and gave the company a “neutral” rating in a research report on Friday, October 3rd. Guggenheim restated a “sell” rating and issued a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. Melius began coverage on shares of Tesla in a research note on Monday, October 13th. They set a “buy” rating and a $520.00 price target for the company. Finally, Canaccord Genuity Group lifted their price target on shares of Tesla from $333.00 to $490.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have given a Hold rating and ten have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Tesla currently has an average rating of “Hold” and a consensus price target of $363.54.

Tesla Trading Up 2.5%

NASDAQ TSLA opened at $439.31 on Friday. The company’s 50-day moving average price is $387.54 and its 200-day moving average price is $333.60. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1.46 trillion, a PE ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). The company had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.52 earnings per share. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

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.