ICICI Prudential Asset Management Co Ltd Acquires 3,909 Shares of Tesla, Inc. (NASDAQ:TSLA)

ICICI Prudential Asset Management Co Ltd raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 19.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 24,440 shares of the electric vehicle producer’s stock after acquiring an additional 3,909 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Tesla were worth $6,394,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. increased its stake in Tesla by 0.9% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 36,399 shares of the electric vehicle producer’s stock worth $6,399,000 after purchasing an additional 331 shares in the last quarter. Entropy Technologies LP bought a new position in shares of Tesla in the first quarter valued at about $1,941,000. Dearborn Partners LLC grew its position in shares of Tesla by 13.2% in the first quarter. Dearborn Partners LLC now owns 2,817 shares of the electric vehicle producer’s stock valued at $495,000 after purchasing an additional 328 shares during the last quarter. Charles Schwab Investment Advisory Inc. increased its position in Tesla by 25.7% during the 1st quarter. Charles Schwab Investment Advisory Inc. now owns 5,431 shares of the electric vehicle producer’s stock worth $955,000 after buying an additional 1,112 shares during the period. Finally, TBH Global Asset Management LLC raised its stake in Tesla by 44.9% in the 1st quarter. TBH Global Asset Management LLC now owns 4,235 shares of the electric vehicle producer’s stock worth $744,000 after purchasing an additional 1,313 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of TSLA traded down $3.64 on Wednesday, reaching $324.85. The company’s stock had a trading volume of 59,363,934 shares, compared to its average volume of 95,501,219. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $358.64. The stock has a market capitalization of $1.04 trillion, a P/E ratio of 88.91, a PEG ratio of 10.67 and a beta of 2.29. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The stock’s 50 day simple moving average is $246.26 and its two-hundred day simple moving average is $218.16.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. During the same period in the prior year, the business posted $0.53 EPS. Tesla’s revenue was up 7.8% on a year-over-year basis. Research analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now owns 1,563,220 shares in the company, valued at $391,164,540.60. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,797 shares of company stock valued at $19,211,821 in the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TSLA shares. Barclays raised their price target on shares of Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Jefferies Financial Group lifted their target price on shares of Tesla from $165.00 to $195.00 and gave the stock a “hold” rating in a research report on Monday, October 21st. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $295.00 target price on shares of Tesla in a report on Tuesday, September 10th. Citigroup decreased their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Finally, Piper Sandler raised their price objective on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Eight investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $225.06.

Tesla Company Profile

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.