Allstate Corp Has $96.79 Million Stock Holdings in Tesla, Inc. $TSLA

Key Points

• Allstate Corp more than doubled its Tesla stake in the fourth quarter, increasing holdings by 104.3% to 215,214 shares worth about $96.8 million. Tesla now represents roughly 1.3% of Allstate’s portfolio.
• Institutional interest in Tesla remains strong, with several other hedge funds also boosting positions and 66.2% of the stock now held by institutional investors and hedge funds.
• Wall Street sentiment is mixed but constructive: analysts currently have an overall Hold rating on Tesla, with a consensus target price of $395.20, while the shares were trading at $426.01 in the article.

Allstate Corp raised its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 104.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 215,214 shares of the electric vehicle producer's stock after acquiring an additional 109,888 shares during the period. Tesla makes up about 1.3% of Allstate Corp's portfolio, making the stock its 18th biggest holding. Allstate Corp's holdings in Tesla were worth $96,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC grew its position in Tesla by 34.7% during the 4th quarter. Crestwood Advisors Group LLC now owns 19,567 shares of the electric vehicle producer's stock worth $8,799,000 after acquiring an additional 5,039 shares during the last quarter. Gamco Investors INC. ET AL grew its position in shares of Tesla by 29.6% in the 3rd quarter. Gamco Investors INC. ET AL now owns 32,576 shares of the electric vehicle producer's stock valued at $14,487,000 after buying an additional 7,446 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Tesla by 8.8% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 48,504 shares of the electric vehicle producer's stock valued at $21,571,000 after buying an additional 3,935 shares during the last quarter. Calamos Wealth Management LLC grew its position in shares of Tesla by 5.9% in the 4th quarter. Calamos Wealth Management LLC now owns 41,907 shares of the electric vehicle producer's stock valued at $18,846,000 after buying an additional 2,341 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC grew its position in shares of Tesla by 26.0% in the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 18,032 shares of the electric vehicle producer's stock valued at $8,019,000 after buying an additional 3,724 shares during the last quarter. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Morgan Stanley set a $415.00 price objective on Tesla and gave the company an "equal weight" rating in a research note on Thursday, January 29th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research note on Thursday, April 23rd. Canaccord Genuity Group boosted their price objective on Tesla from $420.00 to $450.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. HSBC assumed coverage on Tesla in a research note on Monday, April 27th. They issued a "buy" rating on the stock. Finally, UBS Group boosted their price objective on Tesla from $352.00 to $364.00 and gave the company a "neutral" rating in a research note on Wednesday, May 13th. Nineteen equities research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $395.20.

Tesla Price Performance

TSLA stock opened at $426.01 on Tuesday. The stock's 50 day simple moving average is $388.38 and its 200 day simple moving average is $416.42. Tesla, Inc. has a fifty-two week low of $273.21 and a fifty-two week high of $498.83. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.62 and a current ratio of 2.04. The company has a market cap of $1.60 trillion, a P/E ratio of 390.83, a price-to-earnings-growth ratio of 16.82 and a beta of 1.79.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS for the quarter, topping the consensus estimate of $0.39 by $0.02. The firm had revenue of $22.39 billion during the quarter, compared to the consensus estimate of $22.96 billion. Tesla had a return on equity of 4.89% and a net margin of 3.95%.The company's quarterly revenue was up 15.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share. On average, research analysts expect that Tesla, Inc. will post 1.2 earnings per share for the current fiscal year.

Trending Headlines about Tesla

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Tesla’s indirect exposure to SpaceX is getting more attention as SpaceX moves toward an IPO, and some investors are viewing that stake as an added source of upside for TSLA beyond its core auto business. Did Tesla's SpaceX Stake And China FSD Rollout Just Reframe TSLA's AI And Autonomy Story?
• Positive Sentiment: Reports that Tesla has rolled out Full Self-Driving (Supervised) in China are helping support the company’s long-term autonomy narrative and could improve investor confidence in future software-driven revenue growth. Weekend Round-Up: Tesla's FSD In China, Nvidia's Uber Partnership, Boeing's 737 Max Case Victory And More
• Positive Sentiment: Elon Musk pushed back on criticism that his politics are hurting Tesla’s brand, while also reiterating that the Model Y remains a sales leader, which may reassure some investors about demand resilience. Elon Musk Hits Back At Tesla Brand Damage Critics, Reaffirms Model Y's Sales Dominance

Insider Activity at Tesla

In other news, Director Kathleen Wilson-Thompson sold 26,409 shares of the stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $378.11, for a total value of $9,985,506.99. Following the completion of the sale, the director directly owned 48,399 shares of the company's stock, valued at $18,300,145.89. This represents a 35.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Vaibhav Taneja sold 3,000 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $450.00, for a total value of $1,350,000.00. Following the completion of the sale, the chief financial officer directly owned 18,106 shares of the company's stock, valued at approximately $8,147,700. This trade represents a 14.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 83,213 shares of company stock valued at $32,201,105. Company insiders own 19.90% of the company's stock.

Tesla Company Profile

Tesla, Inc NASDAQ: TSLA is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company's stated mission is to accelerate the world's transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla's automotive business includes a lineup of battery‑electric vehicles and related services.

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