Lynch Asset Management Inc. Sells 3,000 Shares of Tesla, Inc. (NASDAQ:TSLA)

Lynch Asset Management Inc. lessened its position in Tesla, Inc. (NASDAQ:TSLA) by 30.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,700 shares of the electric vehicle producer’s stock after selling 3,000 shares during the period. Lynch Asset Management Inc.’s holdings in Tesla were worth $1,753,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TSLA. Bank & Trust Co bought a new position in Tesla during the second quarter valued at approximately $25,000. Valley Wealth Managers Inc. bought a new position in Tesla during the second quarter valued at approximately $26,000. Abich Financial Wealth Management LLC lifted its position in 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 purchasing an additional 81 shares during the period. Clean Yield Group lifted its position in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the period. Finally, M&R Capital Management Inc. lifted its position in Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the period. Institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein restated an “underperform” rating and set a $120.00 price objective on shares of Tesla in a research report on Thursday, October 3rd. KGI Securities raised shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price for the company in a report on Thursday. Truist Financial upped their target price on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday. Canaccord Genuity Group upped their target price on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday. Finally, Canaccord Genuity Group upped their target price on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $219.00.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction 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 $26,258,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.10% of the company’s stock.

Tesla Price Performance

TSLA stock traded up $8.71 during trading on Friday, hitting $269.19. 161,611,931 shares of the company’s stock traded hands, compared to its average volume of 94,680,352. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $271.00. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.40 and a current ratio of 1.91. The business has a fifty day simple moving average of $230.53 and a 200 day simple moving average of $207.67. The stock has a market capitalization of $858.50 billion, a price-to-earnings ratio of 68.67, a P/E/G ratio of 6.24 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating the consensus estimate of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.53 earnings per share. As a group, research analysts expect that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

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.