Zurcher Kantonalbank Zurich Cantonalbank Decreases Holdings in Tesla, Inc. (NASDAQ:TSLA)

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 6.6% during the third quarter, Holdings Channel.com reports. The institutional investor owned 1,231,281 shares of the electric vehicle producer’s stock after selling 87,390 shares during the period. Tesla comprises 1.0% of Zurcher Kantonalbank Zurich Cantonalbank’s investment portfolio, making the stock its 13th biggest holding. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Tesla were worth $322,140,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bank & Trust Co purchased a new position in shares of Tesla during the 2nd quarter valued at $25,000. Valley Wealth Managers Inc. purchased a new stake in Tesla during the second quarter valued at about $26,000. Abich Financial Wealth Management LLC boosted its position in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after purchasing an additional 81 shares during the period. Transcendent Capital Group LLC purchased a new position in shares of Tesla in the third quarter worth about $29,000. Finally, Clean Yield Group raised its position in shares of Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the period. Institutional investors own 66.20% of the company’s stock.

Insider Activity

In other Tesla news, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $26,727,400. This represents a 56.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction 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 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 301,187 shares of company stock valued at $92,956,692. Corporate insiders own 20.70% of the company’s stock.

Tesla Trading Down 1.6 %

NASDAQ TSLA opened at $332.89 on Thursday. The stock has a market cap of $1.07 trillion, a P/E ratio of 91.20, a price-to-earnings-growth ratio of 11.00 and a beta of 2.29. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $361.93. The stock has a 50 day simple moving average of $270.63 and a two-hundred day simple moving average of $229.89. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The company 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%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 earnings per share. On average, analysts forecast that Tesla, Inc. will post 1.99 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on TSLA shares. The Goldman Sachs Group raised their price objective on shares of Tesla from $230.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, October 24th. Canaccord Genuity Group lifted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. UBS Group raised their target price on Tesla from $197.00 to $226.00 and gave the stock a “sell” rating in a research note on Monday. StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a research report on Thursday, October 24th. Finally, Robert W. Baird reaffirmed an “outperform” rating and set a $280.00 price objective on shares of Tesla in a research note on Tuesday, August 20th. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, Tesla currently has an average rating of “Hold” and a consensus price target of $231.06.

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.