Skandinaviska Enskilda Banken AB publ Sells 85,883 Shares of Tesla, Inc. $TSLA

by · The Cerbat Gem

Skandinaviska Enskilda Banken AB publ lowered its position in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 7.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,079,003 shares of the electric vehicle producer’s stock after selling 85,883 shares during the quarter. Tesla accounts for approximately 1.5% of Skandinaviska Enskilda Banken AB publ’s investment portfolio, making the stock its 9th largest position. Skandinaviska Enskilda Banken AB publ’s holdings in Tesla were worth $342,713,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. LGT Financial Advisors LLC bought a new position in shares of Tesla during the second quarter valued at $29,000. Chelsea Counsel Co. increased its holdings in Tesla by 59.7% in the first 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 period. Evergreen Private Wealth LLC raised its position in Tesla by 270.0% during the 2nd quarter. Evergreen Private Wealth LLC now owns 111 shares of the electric vehicle producer’s stock worth $35,000 after purchasing an additional 81 shares during the last quarter. Glynn Capital Management LLC acquired a new position in Tesla during the 2nd quarter worth about $35,000. Finally, LSV Asset Management grew its position in shares of Tesla by 400.0% in the 2nd quarter. LSV Asset Management now owns 120 shares of the electric vehicle producer’s stock valued at $38,000 after buying an additional 96 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TSLA has been the subject of a number of analyst reports. Needham & Company LLC restated a “hold” rating on shares of Tesla in a research report on Thursday, October 23rd. Robert W. Baird upgraded shares of Tesla from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $320.00 to $548.00 in a report on Friday, September 19th. Piper Sandler upped their price objective on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. UBS Group reissued a “sell” rating on shares of Tesla in a research note on Friday, November 7th. Finally, President Capital boosted their target price on shares of Tesla from $373.00 to $529.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. 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 data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $394.03.

View Our Latest Stock Analysis on Tesla

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction dated Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James R. Murdoch sold 60,000 shares of Tesla stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $422.68, for a total value of $25,360,800.00. Following the transaction, the director owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This trade represents a 8.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 82,606 shares of company stock valued at $33,554,102. Corporate insiders own 19.90% of the company’s stock.

Tesla Trading Up 1.7%

Shares of Tesla stock opened at $426.58 on Friday. 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, Inc. has a 52 week low of $214.25 and a 52 week high of $488.54. The stock has a 50 day moving average price of $433.87 and a two-hundred day moving average price of $368.17. The stock has a market capitalization of $1.42 trillion, a PE ratio of 284.39, a price-to-earnings-growth ratio of 16.84 and a beta of 2.06.

Tesla (NASDAQ:TSLA – Get Free Report) last issued its earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.48 by $0.02. Tesla had a return on equity of 6.61% and a net margin of 5.51%.The company had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. Tesla’s revenue for the quarter was up 11.6% on a year-over-year basis. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

About Tesla

(Free Report)

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.

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