Cornerstone Advisors LLC Has $44.50 Million Stake in Tesla, Inc. (NASDAQ:TSLA)

Cornerstone Advisors LLC raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 11.8% during the third quarter, HoldingsChannel reports. The fund owned 170,100 shares of the electric vehicle producer’s stock after purchasing an additional 18,000 shares during the quarter. Tesla comprises about 1.8% of Cornerstone Advisors LLC’s investment portfolio, making the stock its 8th biggest holding. Cornerstone Advisors LLC’s holdings in Tesla were worth $44,503,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Oppenheimer & Co. Inc. lifted its holdings in Tesla by 1.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 144,482 shares of the electric vehicle producer’s stock worth $37,801,000 after purchasing an additional 1,741 shares in the last quarter. Tyler Stone Wealth Management lifted its holdings in shares of Tesla by 109.6% in the third quarter. Tyler Stone Wealth Management now owns 9,425 shares of the electric vehicle producer’s stock worth $2,466,000 after buying an additional 4,929 shares in the last quarter. Savvy Advisors Inc. boosted its position in shares of Tesla by 24.2% in the third quarter. Savvy Advisors Inc. now owns 7,527 shares of the electric vehicle producer’s stock valued at $1,969,000 after acquiring an additional 1,467 shares during the period. ICICI Prudential Asset Management Co Ltd grew its stake in Tesla by 19.0% during the third quarter. ICICI Prudential Asset Management Co Ltd now owns 24,440 shares of the electric vehicle producer’s stock valued at $6,394,000 after acquiring an additional 3,909 shares in the last quarter. Finally, West Family Investments Inc. increased its holdings in Tesla by 20.8% during the 3rd quarter. West Family Investments Inc. now owns 9,026 shares of the electric vehicle producer’s stock worth $2,361,000 after acquiring an additional 1,556 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the subject of several analyst reports. Wells Fargo & Company raised their price target on shares of Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. Piper Sandler lifted 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. HSBC restated a “reduce” rating and issued a $124.00 target price on shares of Tesla in a research note on Friday, October 11th. Roth Mkm reiterated a “neutral” rating and set a $85.00 price target on shares of Tesla in a research report on Friday, October 11th. Finally, Jefferies Financial Group upped their price objective on shares of Tesla from $195.00 to $300.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $230.18.

Insider Activity at Tesla

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. The trade was a 56.94 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 301,187 shares of company stock worth $92,956,692 over the last quarter. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $342.03 on Thursday. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $259.42 and a 200-day moving average price of $224.12. The company has a market cap of $1.10 trillion, a price-to-earnings ratio of 93.71, a price-to-earnings-growth ratio of 11.24 and a beta of 2.29. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $358.64.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. Tesla’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 EPS. As a group, equities analysts anticipate that Tesla, Inc. will post 1.99 EPS for the current year.

Tesla 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.