Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Cuts Stock Holdings in Tesla, Inc. $TSLA

Key Points

• Loring Wolcott & Coolidge Fiduciary Advisors LLP MA reduced its stake in Tesla, Inc. (TSLA) by 23.2%, holding 6,254 shares valued at approximately $1,987,000 after selling 1,885 shares.
• Several hedge funds, including Vanguard and Goldman Sachs, increased their positions in Tesla during the past quarter, highlighting ongoing institutional interest in the company.
• Analysts have set new price targets for Tesla, with HSBC raising its target from $120.00 to $127.00 while TD Cowen proposed a target of $509.00, reflecting diverse outlooks on Tesla's performance.

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lowered its position in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 23.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,254 shares of the electric vehicle producer's stock after selling 1,885 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's holdings in Tesla were worth $1,987,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in TSLA. Vanguard Group Inc. boosted its stake in shares of Tesla by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 246,887,705 shares of the electric vehicle producer's stock worth $63,983,418,000 after buying an additional 3,694,524 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Tesla by 322.1% during the first quarter. Goldman Sachs Group Inc. now owns 26,590,525 shares of the electric vehicle producer's stock valued at $6,891,201,000 after acquiring an additional 20,291,139 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Tesla by 4.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 18,174,941 shares of the electric vehicle producer's stock worth $4,710,218,000 after acquiring an additional 849,091 shares during the period. Amundi boosted its position in Tesla by 29.4% in the first quarter. Amundi now owns 16,771,882 shares of the electric vehicle producer's stock worth $4,482,789,000 after purchasing an additional 3,814,610 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Tesla by 17.6% in the 1st quarter. Invesco Ltd. now owns 14,786,414 shares of the electric vehicle producer's stock valued at $3,832,047,000 after purchasing an additional 2,211,300 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TSLA shares. HSBC boosted their price target on shares of Tesla from $120.00 to $127.00 in a report on Monday, September 29th. TD Cowen boosted their target price on shares of Tesla from $374.00 to $509.00 and gave the company a "buy" rating in a research note on Thursday, October 9th. Needham & Company LLC reissued a "hold" rating on shares of Tesla in a research report on Thursday. Roth Capital set a $505.00 price target on shares of Tesla and gave the stock a "buy" rating in a report on Thursday. Finally, Morgan Stanley reissued an "overweight" rating on shares of Tesla in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twelve have assigned a Hold rating and ten have assigned a Sell rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $375.50.

Insider Activity

In related news, Director James R. Murdoch sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the completion of the transaction, the director owned 637,031 shares of the company's stock, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 over the last ninety days. Company insiders own 19.90% of the company's stock.

Tesla Trading Down 0.8%

Shares of TSLA stock opened at $438.97 on Thursday. The stock has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 253.74, a PEG ratio of 15.91 and a beta of 2.08. The company's fifty day simple moving average is $393.73 and its two-hundred day simple moving average is $336.97. Tesla, Inc. has a 1 year low of $212.11 and a 1 year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion during the quarter, compared to analysts' expectations of $24.98 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm's quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 earnings per share. As a group, analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current 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.

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