Contravisory Investment Management Inc. Sells 24,127 Shares of Tesla, Inc. $TSLA

Contravisory Investment Management Inc. trimmed its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 98.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 465 shares of the electric vehicle producer's stock after selling 24,127 shares during the quarter. Contravisory Investment Management Inc.'s holdings in Tesla were worth $165,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TSLA. Corient Private Wealth LLC raised its stake in Tesla by 3,205.5% in the fourth quarter. Corient Private Wealth LLC now owns 21,459,599 shares of the electric vehicle producer's stock valued at $9,650,811,000 after buying an additional 20,810,386 shares during the period. Legal & General Group Plc acquired a new stake in shares of Tesla in the second quarter valued at approximately $8,535,612,000. Bank of New York Mellon Corp bought a new position in shares of Tesla during the 2nd quarter worth approximately $6,083,630,000. Deutsche Bank AG bought a new position in shares of Tesla during the 2nd quarter worth approximately $4,039,090,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Tesla during the 2nd quarter worth approximately $3,144,509,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Price Performance

NASDAQ:TSLA opened at $375.23 on Wednesday. Tesla, Inc. has a 52 week low of $297.38 and a 52 week high of $498.83. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.55 and a current ratio of 1.94. The firm's 50-day simple moving average is $357.69 and its 200 day simple moving average is $377.09. The firm has a market cap of $1.48 trillion, a price-to-earnings ratio of 347.44, a P/E/G ratio of 23.17 and a beta of 1.92.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The electric vehicle producer reported $0.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.17). Tesla had a net margin of 3.67% and a return on equity of 3.82%. The business had revenue of $28.24 billion during the quarter, compared to the consensus estimate of $26.42 billion. During the same period in the prior year, the firm earned $0.33 EPS. The business's revenue for the quarter was up 25.5% on a year-over-year basis. As a group, sell-side analysts predict that Tesla, Inc. will post 0.73 earnings per share for the current year.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $360.13, for a total value of $938,498.78. Following the completion of the transaction, the chief financial officer directly owned 25,972 shares of the company's stock, valued at $9,353,296.36. The trade was a 9.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 19.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TSLA shares. Truist Financial set a $370.00 price target on Tesla and gave the company a "hold" rating in a research note on Thursday, July 23rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research report on Thursday, July 23rd. Canaccord Genuity Group set a $410.00 price objective on shares of Tesla and gave the stock a "buy" rating in a research report on Thursday, July 23rd. Roth Capital reissued a "buy" rating and issued a $505.00 price objective on shares of Tesla in a research report on Thursday, July 23rd. Finally, TD Cowen reissued a "buy" rating on shares of Tesla in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating, seventeen have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $412.33.

Tesla News Summary

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Tesla’s third-quarter deliveries totaled 486,532 vehicles, exceeding Wall Street’s estimate of approximately 462,000 and helping drive the recent rebound in the shares. However, deliveries remained below the prior-year period. Tesla Trades at 219x Earnings
• Positive Sentiment: China-made vehicle sales increased 5% in September, extending Tesla’s growth streak in China to 11 months, supported by overseas shipments and price incentives. Tesla China EV Sales Growth
• Positive Sentiment: Jefferies raised its Tesla price target to $400 from $350, citing resilient deliveries and improving prospects for energy, services and other nonautomotive businesses, although it retained a Hold rating. Jefferies Raises Tesla Price Target
• Positive Sentiment: Tesla is expanding its Austin robotaxi fleet and showcasing the Cybercab and driver-assistance technology at the Paris Motor Show, providing potential catalysts for its autonomy strategy. Tesla Robotaxi Lands in Paris
• Neutral Sentiment: Investors are looking ahead to Tesla’s October 21 earnings report, focusing on automotive margins, profitability, capital spending and growth in energy storage and services. Tesla Q3 Earnings Preview
• Negative Sentiment: Analysts have lowered Tesla’s target as concerns grow over approximately $25 billion in planned spending and rising operating costs. The company’s very high earnings multiple also makes the stock vulnerable to weak profits or disappointing guidance. Tesla Target Lowered Over Spending
• Negative Sentiment: U.S. regulators are investigating allegations that Tesla robotaxis exceeded speed limits in active school zones, adding uncertainty to the company’s autonomous-driving rollout. Tesla Robotaxi School-Zone Investigation
• Negative Sentiment: Tesla stopped taking orders in Canada for its two least expensive China-built Model 3 variants, citing import restrictions. The move could limit access to lower-priced vehicles in an important market. Tesla Stops Canadian Model 3 Orders
• Negative Sentiment: New data suggests Cybertruck sales remain far below Elon Musk’s earlier targets, while competition from BYD, European automakers, Lucid and autonomous-driving rivals continues to challenge Tesla’s growth narrative. Cybertruck Deliveries

Tesla Company Profile

Tesla, Inc NASDAQ: TSLA designs, manufactures and sells electric vehicles, energy storage systems and solar energy products. Its vehicle lineup includes the Model S, Model 3, Model X, Model Y, Cybertruck and Tesla Semi. The company also develops vehicle software and driver-assistance features, operates a global Supercharger network and provides related vehicle services.

Tesla's energy business offers battery storage products for residential, commercial and utility customers, including Powerwall and Megapack, as well as solar panels and solar roofing products.

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