Garner Asset Management Corp Trims Position in Tesla, Inc. $TSLA

Garner Asset Management Corp decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 5.3% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 2,776 shares of the electric vehicle producer’s stock after selling 156 shares during the quarter. Garner Asset Management Corp’s holdings in Tesla were worth $882,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. LGT Financial Advisors LLC acquired a new position in shares of Tesla in the second quarter valued at approximately $29,000. Chelsea Counsel Co. grew its position in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Evergreen Private Wealth LLC increased its stake in Tesla by 270.0% in the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock valued at $35,000 after buying an additional 81 shares during the period. Glynn Capital Management LLC acquired a new stake in shares of Tesla in the 2nd quarter worth $35,000. Finally, LSV Asset Management boosted its holdings in shares of Tesla by 400.0% in the second quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock valued at $38,000 after acquiring an additional 96 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 82,606 shares of company stock worth $33,554,102. Insiders own 19.90% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Roth Capital set a $505.00 price target on shares of Tesla and gave the stock a “buy” rating in a report on Thursday, October 23rd. JPMorgan Chase & Co. boosted their target price on Tesla from $115.00 to $150.00 in a research report on Friday, October 3rd. Stifel Nicolaus raised their price target on Tesla from $483.00 to $508.00 and gave the company a “buy” rating in a report on Monday, November 17th. Melius Research set a $520.00 price objective on Tesla and gave the stock a “buy” rating in a report on Monday, October 13th. Finally, Piper Sandler increased their price objective on Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a research report on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $394.03.

Tesla Stock Up 1.7%

TSLA opened at $426.58 on Thursday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07. The company has a market cap of $1.42 trillion, a price-to-earnings ratio of 284.39, a PEG ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a one year low of $214.25 and a one year high of $488.54. The business’s fifty day moving average is $433.68 and its two-hundred day moving average is $367.76.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The business had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter in the previous year, the company posted $0.72 EPS. The business’s revenue was up 11.6% on a year-over-year basis. Analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.