Tesla, Inc. $TSLA Stock: AlTi Global Inc. Lowers Position

Key Points

• AlTi Global cut its Tesla stake by 23% in the third quarter, selling 11,787 shares and retaining 39,383 shares valued at about $14.0 million.
• Institutional investors showed mixed moves: several funds increased holdings, and they collectively owned 66.2% of Tesla’s stock.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $414.51. Tesla narrowly beat quarterly earnings-per-share estimates, while revenue was essentially in line and down 0.2% year over year.

AlTi Global Inc. lessened its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 23.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 39,383 shares of the electric vehicle producer's stock after selling 11,787 shares during the period. AlTi Global Inc.'s holdings in Tesla were worth $13,973,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TSLA. Phoenix Financial Ltd. increased its position in Tesla by 12.4% in the third quarter. Phoenix Financial Ltd. now owns 68,449 shares of the electric vehicle producer's stock worth $24,286,000 after buying an additional 7,564 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab lifted its position in shares of Tesla by 24.5% during the 3rd quarter. Danica Pension Livsforsikringsaktieselskab now owns 256,307 shares of the electric vehicle producer's stock valued at $90,940,000 after buying an additional 50,517 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Tesla by 0.4% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 391,653 shares of the electric vehicle producer's stock valued at $138,962,000 after buying an additional 1,469 shares in the last quarter. Hansen & Associates Financial Group Inc. lifted its position in shares of Tesla by 14.1% during the 3rd quarter. Hansen & Associates Financial Group Inc. now owns 3,977 shares of the electric vehicle producer's stock valued at $1,491,000 after buying an additional 491 shares in the last quarter. Finally, McLean Asset Management Corp grew its stake in shares of Tesla by 2.9% during the 3rd quarter. McLean Asset Management Corp now owns 1,546 shares of the electric vehicle producer's stock valued at $531,000 after acquiring an additional 43 shares during the period. Institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on TSLA shares. Oppenheimer started coverage on shares of Tesla in a report on Thursday, October 22nd. They issued an "outperform" rating for the company. Royal Bank Of Canada cut shares of Tesla from an "outperform" rating to a "sector perform" rating in a research note on Thursday, October 22nd. DZ Bank raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. BNP Paribas Exane upgraded shares of Tesla from an "underperform" rating to a "neutral" rating and upped their price target for the stock from $266.00 to $420.00 in a research report on Thursday, October 22nd. Finally, HSBC reissued a "reduce" rating and issued a $157.00 price objective on shares of Tesla in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, twenty-six have issued a Buy rating, seventeen have given a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $414.51.

Key Headlines Impacting Tesla

These are some of the TSLA headlines that stood out recently:

• Neutral Sentiment: Tesla’s robotaxi and autonomy plans remain a potential growth driver, but regulatory hurdles, costs and the challenge of building a profitable service leave execution uncertain. Article: Is Tesla Stock Worth Buying Now on Robotaxi and FSD Progress?
• Negative Sentiment: The potential merger faces political headwinds: Texas’ attorney general-elect has pledged “tremendous scrutiny,” and another report flags possible Democratic opposition. Added review could delay or complicate a deal. Article: Texas AG-elect vows scrutiny of SpaceX-Tesla merger
• Negative Sentiment: Tesla’s latest quarter showed flat year-over-year revenue, while SpaceX reportedly grew revenue 161%, raising questions about the relative growth and valuation of the businesses in a possible combination. GLJ Research also reaffirmed its sell rating. Article: Tesla and SpaceX Could Announce a Merger as Soon as December

Tesla Trading Down 1.8%

Tesla stock opened at $390.22 on Friday. Tesla, Inc. has a 1 year low of $297.38 and a 1 year high of $498.83. The firm's 50 day moving average price is $374.75 and its 200-day moving average price is $383.05. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.74 and a quick ratio of 1.39. The stock has a market cap of $1.54 trillion, a P/E ratio of 428.82, a PEG ratio of 24.62 and a beta of 1.74.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, October 21st. The electric vehicle producer reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.02. Tesla had a net margin of 3.11% and a return on equity of 3.03%. The firm had revenue of $28.05 billion during the quarter, compared to analyst estimates of $28.06 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. Tesla's revenue for the quarter was down .2% on a year-over-year basis. On average, equities analysts predict that Tesla, Inc. will post 0.67 earnings per share for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $360.13, for a total value of $938,498.78. Following the sale, the chief financial officer directly owned 25,972 shares in the company, valued at approximately $9,353,296.36. The trade was a 9.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 20.00% of the company's stock.

Tesla Company Profile

Tesla, Inc. designs, develops, manufactures and sells electric vehicles and energy products. Its vehicle lineup includes the Model S, Model 3, Model X, Model Y and Cybertruck, along with related software and services. The company also provides energy generation and storage products, including solar systems, Powerwall home batteries and Megapack utility-scale storage. Its services include vehicle maintenance, charging through the Supercharger network and software features for its vehicles. Founded in 2003 and headquartered in Austin, Texas, Tesla serves customers in markets around the world.

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