Tesla Inc (TSLA) Position Trimmed by Evercore Wealth Management LLC
Evercore Wealth Management LLC reduced its position in Tesla Inc (NASDAQ:TSLA) by 32.7% during the third quarter, HoldingsChannel.com reports. The firm owned 3,146 shares of the electric vehicle producer’s stock after selling 1,529 shares during the period. Evercore Wealth Management LLC’s holdings in Tesla were worth $833,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of TSLA. Mark Asset Management Corp purchased a new position in shares of Tesla during the third quarter worth approximately $265,000. Wedbush Securities Inc. increased its position in shares of Tesla by 25.3% during the third quarter. Wedbush Securities Inc. now owns 2,317 shares of the electric vehicle producer’s stock worth $613,000 after acquiring an additional 468 shares during the period. Cpwm LLC increased its position in shares of Tesla by 121.1% during the third quarter. Cpwm LLC now owns 3,073 shares of the electric vehicle producer’s stock worth $814,000 after acquiring an additional 1,683 shares during the period. Honkamp Krueger Financial Services Inc. purchased a new position in Tesla during the third quarter valued at approximately $122,000. Finally, Primecap Management Co. CA increased its holdings in Tesla by 1.0% during the third quarter. Primecap Management Co. CA now owns 1,106,015 shares of the electric vehicle producer’s stock valued at $292,840,000 after buying an additional 10,900 shares during the period. 59.50% of the stock is currently owned by institutional investors.
In other news, Director Kimbal Musk sold 1,875 shares of Tesla stock in a transaction on Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $573,750.00. Following the completion of the sale, the director now directly owns 150,208 shares in the company, valued at $45,963,648. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Elon Musk acquired 29,844 shares of the stock in a transaction dated Monday, October 29th. The shares were bought at an average price of $334.98 per share, with a total value of $9,997,143.12. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 26,375 shares of company stock valued at $9,029,040. 22.80% of the stock is owned by insiders.
Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, October 24th. The electric vehicle producer reported $2.90 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.77) by $4.67. The company had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $5.67 billion. Tesla had a negative net margin of 10.22% and a negative return on equity of 34.27%. On average, equities analysts predict that Tesla Inc will post -5.09 earnings per share for the current fiscal year.
Several brokerages recently issued reports on TSLA. Jefferies Financial Group raised shares of Tesla from a “hold” rating to a “buy” rating and lifted their price objective for the company from $360.00 to $450.00 in a report on Friday. BidaskClub raised shares of Tesla from a “hold” rating to a “buy” rating in a report on Friday. Wolfe Research lifted their price objective on shares of Tesla from $410.00 to $430.00 and gave the company an “outperform” rating in a report on Thursday. UBS Group reissued a “sell” rating and set a $230.00 price objective on shares of Tesla in a report on Tuesday, November 20th. Finally, ValuEngine raised shares of Tesla from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 20th. Twelve investment analysts have rated the stock with a sell rating, twelve have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $320.85.
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Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The firm operates through Automotive, and Energy Generation and Storage segments.
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