King Luther Capital Management Corp Trims Position in Tesla, Inc. $TSLA

King Luther Capital Management Corp lowered its holdings in Tesla, Inc. (NASDAQ:TSLA) by 8.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,825 shares of the electric vehicle producer’s stock after selling 509 shares during the period. King Luther Capital Management Corp’s holdings in Tesla were worth $1,850,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Siren L.L.C. acquired a new position in shares of Tesla in the 1st quarter worth $2,332,000. Zuckerman Investment Group LLC raised its holdings in Tesla by 6.9% during the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock worth $3,304,000 after buying an additional 826 shares during the period. Keystone Global Partners LLC purchased a new stake in Tesla during the first quarter valued at about $594,000. Strs Ohio acquired a new position in shares of Tesla in the first quarter worth about $205,495,000. Finally, AustralianSuper Pty Ltd increased its position in shares of Tesla by 1,823.0% in the second quarter. AustralianSuper Pty Ltd now owns 68,325 shares of the electric vehicle producer’s stock worth $21,704,000 after acquiring an additional 64,772 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently commented on TSLA shares. Bank of America upped their price target on shares of Tesla from $341.00 to $471.00 and gave the company a “neutral” rating in a research report on Wednesday, October 29th. Wall Street Zen raised shares of Tesla from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. President Capital raised their target price on Tesla from $373.00 to $529.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Truist Financial lifted their price target on Tesla from $280.00 to $406.00 and gave the company a “hold” rating in a report on Thursday, October 23rd. Finally, HSBC increased their price objective on Tesla from $120.00 to $127.00 in a research note on Monday, September 29th. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, thirteen have assigned a Hold rating and eleven have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $391.08.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the transaction, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. This represents a 20.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 202,606 shares of company stock worth $75,588,902 in the last 90 days. 19.90% of the stock is owned by insiders.

Tesla Stock Up 3.7%

TSLA opened at $445.23 on Tuesday. The company has a market capitalization of $1.48 trillion, a PE ratio of 296.82, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54. The business has a 50-day moving average of $423.19 and a 200-day moving average of $357.59.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating the consensus estimate of $0.48 by $0.02. The business had revenue of $28.10 billion during the quarter, compared to analysts’ expectations of $24.98 billion. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. Equities research analysts forecast 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.