Allstate Corp Acquires 14,013 Shares of Tesla, Inc. $TSLA

Key Points

• Allstate Corp increased its stake in Tesla, Inc. by 16.4%, acquiring an additional 14,013 shares to reach a total of 99,440 shares, valued at approximately $25.77 million.
• Institutional investors currently hold 66.20% of Tesla's stock, with significant increases in positions by multiple firms during the first quarter.
• Recent insider trading revealed that Director Ira Matthew Ehrenpreis sold 477,572 shares for approximately $170.64 million, reducing his stake by 35.83%.

Allstate Corp boosted its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 16.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 99,440 shares of the electric vehicle producer's stock after buying an additional 14,013 shares during the period. Tesla makes up about 0.8% of Allstate Corp's investment portfolio, making the stock its 20th largest position. Allstate Corp's holdings in Tesla were worth $25,771,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Sprott Inc. boosted its position in shares of Tesla by 36.6% in the first quarter. Sprott Inc. now owns 2,854 shares of the electric vehicle producer's stock valued at $740,000 after acquiring an additional 765 shares during the period. Laffer Tengler Investments Inc. raised its stake in Tesla by 20.0% during the 1st quarter. Laffer Tengler Investments Inc. now owns 13,970 shares of the electric vehicle producer's stock valued at $3,620,000 after purchasing an additional 2,331 shares during the last quarter. Purus Wealth Management LLC boosted its holdings in Tesla by 2.8% in the 1st quarter. Purus Wealth Management LLC now owns 6,223 shares of the electric vehicle producer's stock valued at $1,613,000 after purchasing an additional 168 shares during the period. RPG Investment Advisory LLC grew its position in Tesla by 120.5% in the 1st quarter. RPG Investment Advisory LLC now owns 3,482 shares of the electric vehicle producer's stock worth $902,000 after purchasing an additional 1,903 shares during the last quarter. Finally, D.B. Root & Company LLC increased its holdings in shares of Tesla by 5.6% during the 1st quarter. D.B. Root & Company LLC now owns 4,367 shares of the electric vehicle producer's stock worth $1,132,000 after purchasing an additional 232 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the completion of the sale, the director directly owned 855,394 shares of the company's stock, valued at $305,632,276.20. This trade represents a 35.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,000 shares of the business's stock in a transaction on Tuesday, July 8th. The stock was sold at an average price of $300.00, for a total value of $600,000.00. Following the completion of the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,777,200. This represents a 25.24% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 599,724 shares of company stock valued at $213,126,501 in the last 90 days. Insiders own 20.70% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. William Blair cut shares of Tesla from an "outperform" rating to a "market perform" rating in a research note on Monday, July 7th. Guggenheim reiterated a "sell" rating and issued a $175.00 price objective on shares of Tesla in a research report on Wednesday, July 23rd. Glj Research reissued a "sell" rating on shares of Tesla in a report on Thursday, July 24th. Robert W. Baird restated a "neutral" rating and issued a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Finally, Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, fifteen have assigned a Hold rating and nine have given a Sell rating to the company's stock. Based on data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $303.31.

Tesla Stock Down 1.2%

TSLA opened at $320.11 on Friday. The firm has a market cap of $1.03 trillion, a price-to-earnings ratio of 185.03, a PEG ratio of 11.26 and a beta of 2.33. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The firm's 50-day simple moving average is $320.98 and its 200-day simple moving average is $303.96. Tesla, Inc. has a twelve month low of $202.59 and a twelve month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released 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 firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. Tesla's quarterly revenue was down 11.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 earnings per share. Equities research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.

Want to see what other hedge funds are holding TSLA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tesla, Inc. (NASDAQ:TSLA - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.