Traders Buy Shares of Tesla (TSLA) on Weakness After Insider Selling
Traders purchased shares of Tesla Inc (NASDAQ:TSLA) on weakness during trading on Monday following insider selling activity. $568.53 million flowed into the stock on the tick-up and $542.65 million flowed out of the stock on the tick-down, for a money net flow of $25.88 million into the stock. Of all stocks tracked, Tesla had the 9th highest net in-flow for the day. Tesla traded down ($4.58) for the day and closed at $338.87Specifically, Director Kimbal Musk sold 2,190 shares of Tesla stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $341.69, for a total value of $748,301.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP John Douglas Field sold 1,400 shares of Tesla stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $340.67, for a total value of $476,938.00. Following the completion of the transaction, the vice president now directly owns 21,528 shares of the company’s stock, valued at $7,333,943.76. The disclosure for this sale can be found here. Insiders sold a total of 12,817 shares of company stock valued at $4,171,699 over the last quarter. 23.10% of the stock is owned by corporate insiders.
Several analysts have recently commented on TSLA shares. Vetr upgraded Tesla from a “strong sell” rating to a “sell” rating and set a $320.97 target price for the company in a research note on Friday, October 13th. Morgan Stanley reiterated a “hold” rating and set a $317.00 price target on shares of Tesla in a research note on Thursday, September 7th. Sanford C. Bernstein reiterated a “market perform” rating and set a $265.00 price target on shares of Tesla in a research note on Tuesday, October 3rd. Jefferies Group downgraded Tesla from an “in-line” rating to an “underperform” rating and cut their price target for the company from $312.00 to $240.00 in a research note on Friday, October 27th. Finally, KeyCorp reiterated a “hold” rating on shares of Tesla in a research note on Friday, November 10th. Thirteen research analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $331.04.
The company has a debt-to-equity ratio of 1.66, a current ratio of 1.09 and a quick ratio of 0.71.
Large investors have recently made changes to their positions in the stock. Investec Asset Management LTD grew its position in Tesla by 78.0% in the third quarter. Investec Asset Management LTD now owns 3,690 shares of the electric vehicle producer’s stock worth $1,259,000 after acquiring an additional 1,617 shares in the last quarter. Smith Moore & CO. boosted its position in Tesla by 56.3% during the third quarter. Smith Moore & CO. now owns 972 shares of the electric vehicle producer’s stock valued at $332,000 after buying an additional 350 shares during the period. CIBC World Markets Inc. boosted its position in Tesla by 74.2% during the second quarter. CIBC World Markets Inc. now owns 10,575 shares of the electric vehicle producer’s stock valued at $3,824,000 after buying an additional 4,504 shares during the period. WINTON GROUP Ltd purchased a new stake in Tesla during the second quarter valued at about $681,000. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Tesla by 2.1% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 38,569 shares of the electric vehicle producer’s stock valued at $13,156,000 after buying an additional 784 shares during the period. Institutional investors own 57.20% of the company’s stock.
Tesla Company Profile
Tesla, Inc, formerly Tesla Motors, Inc, designs, develops, manufactures and sells fully electric vehicles, and energy storage systems, as well as installs, operates and maintains solar and energy storage products. The Company operates through two segments: Automotive, and Energy generation and storage.
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