BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 47,959 Shares of Tesla, Inc. (NASDAQ:TSLA)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 8.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 501,049 shares of the electric vehicle producer’s stock after selling 47,959 shares during the quarter. Tesla comprises 0.8% of BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s investment portfolio, making the stock its 24th biggest holding. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Tesla were worth $131,089,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Bank & Trust Co bought a new stake in Tesla in the second quarter valued at $25,000. Valley Wealth Managers Inc. acquired a new position in Tesla during the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC boosted its holdings in Tesla by 168.8% in the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Tesla during the third quarter valued at approximately $29,000. Finally, Clean Yield Group raised its position in shares of Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stifel Nicolaus upped their price objective on shares of Tesla from $265.00 to $287.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Barclays upped their target price on shares of Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 29th. Phillip Securities lowered Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. The Goldman Sachs Group lifted their target price on Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. raised their price objective on Tesla from $130.00 to $135.00 and gave the company an “underweight” rating in a research note on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $231.06.

Insider Activity

In related news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 301,187 shares of company stock worth $92,956,692. 20.70% of the stock is currently owned by corporate insiders.

Tesla Trading Up 3.7 %

Tesla stock opened at $345.16 on Friday. The stock has a market cap of $1.11 trillion, a P/E ratio of 94.56, a PEG ratio of 10.81 and a beta of 2.29. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $361.93. The firm’s fifty day moving average price is $274.55 and its 200-day moving average price is $231.81. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the company posted $0.53 EPS. Equities research analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

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.