Wedbush Securities Inc. Raises Holdings in Tesla Inc (TSLA)

Wedbush Securities Inc. grew its stake in Tesla Inc (NASDAQ:TSLA) by 25.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,317 shares of the electric vehicle producer’s stock after purchasing an additional 468 shares during the quarter. Wedbush Securities Inc.’s holdings in Tesla were worth $613,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of TSLA. Jennison Associates LLC raised its holdings in Tesla by 11.2% in the 3rd quarter. Jennison Associates LLC now owns 4,817,282 shares of the electric vehicle producer’s stock worth $1,275,472,000 after purchasing an additional 485,095 shares in the last quarter. ARK Investment Management LLC raised its holdings in Tesla by 68.2% in the 3rd quarter. ARK Investment Management LLC now owns 746,725 shares of the electric vehicle producer’s stock worth $197,710,000 after purchasing an additional 302,851 shares in the last quarter. TD Asset Management Inc. raised its holdings in Tesla by 171.9% in the 3rd quarter. TD Asset Management Inc. now owns 353,582 shares of the electric vehicle producer’s stock worth $93,618,000 after purchasing an additional 223,539 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Tesla by 833.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 159,026 shares of the electric vehicle producer’s stock worth $42,503,000 after purchasing an additional 141,997 shares in the last quarter. Finally, United Services Automobile Association raised its holdings in Tesla by 235.3% in the 2nd quarter. United Services Automobile Association now owns 199,032 shares of the electric vehicle producer’s stock worth $68,258,000 after purchasing an additional 139,677 shares in the last quarter. Institutional investors and hedge funds own 59.50% of the company’s stock.

In related news, Director Kimbal Musk sold 1,875 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $573,750.00. Following the sale, the director now directly owns 150,208 shares of the company’s stock, valued at approximately $45,963,648. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jerome M. Guillen sold 1,000 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $306.00, for a total transaction of $306,000.00. Following the sale, the insider now directly owns 8,598 shares in the company, valued at $2,630,988. The disclosure for this sale can be found here. Insiders have sold a total of 26,375 shares of company stock worth $9,029,040 over the last three months. 22.80% of the stock is currently owned by insiders.

Several research analysts have commented on the stock. Wolfe Research upped their price objective on shares of Tesla from $410.00 to $430.00 and gave the stock an “outperform” rating in a report on Thursday. BidaskClub upgraded shares of Tesla from a “hold” rating to a “buy” rating in a report on Friday. Jefferies Financial Group upgraded shares of Tesla from a “hold” rating to a “buy” rating and upped their price objective for the stock from $360.00 to $450.00 in a report on Friday. Royal Bank of Canada set a $315.00 price objective on shares of Tesla and gave the stock a “neutral” rating in a report on Tuesday, August 14th. Finally, Macquarie reaffirmed a “buy” rating and issued a $430.00 target price on shares of Tesla in a research report on Thursday, November 8th. Twelve analysts have rated the stock with a sell rating, twelve have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Tesla currently has an average rating of “Hold” and a consensus price target of $320.85.

Shares of TSLA stock opened at $357.97 on Friday. Tesla Inc has a one year low of $244.59 and a one year high of $387.46. The stock has a market cap of $62.35 billion, a P/E ratio of -31.18 and a beta of 0.59. The company has a current ratio of 0.81, a quick ratio of 0.47 and a debt-to-equity ratio of 1.82.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 24th. The electric vehicle producer reported $2.90 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.77) by $4.67. Tesla had a negative net margin of 10.22% and a negative return on equity of 34.27%. The company had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $5.67 billion. On average, analysts forecast that Tesla Inc will post -5.09 EPS for the current year.

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About Tesla

Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles, energy generation and storage systems. It also provides vehicle service centers, supercharger station, and self-driving capability. The firm operates through Automotive, and Energy Generation and Storage segments.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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