Penserra Capital Management LLC Reduces Holdings in Tesla, Inc. $TSLA

Penserra Capital Management LLC lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 98.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 243 shares of the electric vehicle producer’s stock after selling 14,833 shares during the period. Penserra Capital Management LLC’s holdings in Tesla were worth $77,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. LGT Financial Advisors LLC acquired a new position in shares of Tesla in the second quarter worth $29,000. Chelsea Counsel Co. raised its stake 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 purchasing an additional 40 shares during the last quarter. Evergreen Private Wealth LLC lifted its holdings 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 purchasing an additional 81 shares in the last quarter. Maseco LLP purchased a new stake in shares of Tesla during the second quarter worth about $39,000. Finally, Morton Brown Family Wealth LLC raised its position in shares of Tesla by 36.0% in the second quarter. Morton Brown Family Wealth LLC now owns 136 shares of the electric vehicle producer’s stock valued at $43,000 after buying an additional 36 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on TSLA shares. Industrial Alliance Securities set a $300.00 target price on shares of Tesla in a research report on Monday, October 13th. The Goldman Sachs Group decreased their price objective on Tesla from $425.00 to $400.00 and set a “neutral” rating on the stock in a report on Thursday, October 23rd. Weiss Ratings reiterated a “hold (c-)” rating on shares of Tesla in a research note on Thursday, October 30th. Mizuho raised their price target on Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a research note on Thursday, October 23rd. Finally, Dbs Bank raised shares of Tesla to a “hold” rating in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have given a Hold rating and ten have given a Sell rating to the company’s stock. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and an average target price of $393.61.

Insider Buying and Selling

In other news, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction dated Thursday, September 11th. The stock was 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 owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 202,606 shares of company stock valued at $75,588,902. Company insiders own 19.90% of the company’s stock.

Tesla Stock Down 6.6%

Shares of NASDAQ:TSLA opened at $401.99 on Friday. The stock has a 50-day simple moving average of $428.60 and a 200-day simple moving average of $359.48. The stock has a market capitalization of $1.34 trillion, a P/E ratio of 267.99, a PEG ratio of 16.84 and a beta of 2.06. Tesla, Inc. has a 1 year low of $214.25 and a 1 year high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same period in the previous year, the company posted $0.72 earnings per share. Tesla’s revenue was up 11.6% compared to the same quarter last year. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current 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.