The Manufacturers Life Insurance Company Sells 13,703 Shares of Tesla, Inc. (NASDAQ:TSLA)

The Manufacturers Life Insurance Company decreased its position in Tesla, Inc. (NASDAQ:TSLA) by 0.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,819,362 shares of the electric vehicle producer’s stock after selling 13,703 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.06% of Tesla worth $360,015,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Bank & Trust Co purchased a new position in shares of Tesla in the second quarter worth $25,000. Abich Financial Wealth Management LLC raised its position in Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares during the last quarter. Valley Wealth Managers Inc. bought a new position in Tesla during the 2nd quarter valued at about $26,000. OLD Point Trust & Financial Services N A purchased a new stake in shares of Tesla during the 4th quarter valued at about $37,000. Finally, Guardian Wealth Management Inc. bought a new stake in shares of Tesla in the fourth quarter worth approximately $47,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on TSLA. Canaccord Genuity Group restated a “buy” rating and issued a $254.00 target price on shares of Tesla in a report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and issued a $224.00 price target on shares of Tesla in a research note on Wednesday. Truist Financial reiterated a “hold” rating and set a $215.00 price objective on shares of Tesla in a research report on Wednesday, August 14th. TD Cowen raised their target price on Tesla from $160.00 to $180.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price target on shares of Tesla in a research report on Tuesday, August 20th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $209.90.

Insider Transactions at Tesla

In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Tesla news, Director Robyn M. Denholm sold 66,364 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $26,258,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,661 shares of company stock worth $16,663,291. 25.10% of the stock is currently owned by company insiders.

Tesla Price Performance

Tesla stock opened at $254.22 on Friday. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The firm’s fifty day moving average is $221.37 and its 200 day moving average is $197.56. The company has a market cap of $812.14 billion, a price-to-earnings ratio of 64.85, a PEG ratio of 6.92 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business had revenue of $25.50 billion during the quarter, compared to the consensus estimate of $24.38 billion. During the same period in the previous year, the business posted $0.78 EPS. The firm’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts forecast that Tesla, Inc. will post 1.75 EPS for the current fiscal 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.