Wallington Asset Management LLC Invests $280,000 in Tesla, Inc. (NASDAQ:TSLA)

Wallington Asset Management LLC bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the third quarter, according to its most recent filing with the SEC. The fund bought 1,070 shares of the electric vehicle producer’s stock, valued at approximately $280,000.

Other hedge funds also recently made changes to their positions in the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after purchasing an additional 206,248 shares during the period. Morse Asset Management Inc raised its stake in shares of Tesla by 138.1% during the 2nd quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock worth $1,181,000 after purchasing an additional 3,462 shares during the period. NewEdge Advisors LLC raised its stake in shares of Tesla by 12.9% during the 2nd quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock worth $46,858,000 after purchasing an additional 27,130 shares during the period. Entropy Technologies LP bought a new stake in shares of Tesla during the 1st quarter worth $1,941,000. Finally, Future Financial Wealth Managment LLC bought a new stake in Tesla in the 1st quarter valued at about $79,000. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Down 2.0 %

Shares of TSLA opened at $213.65 on Thursday. The firm has a market cap of $682.53 billion, a P/E ratio of 60.01, a P/E/G ratio of 6.24 and a beta of 2.29. The stock has a 50 day simple moving average of $228.54 and a two-hundred day simple moving average of $206.41. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.91 and a quick ratio of 1.40. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $271.00.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 EPS. On average, analysts forecast that Tesla, Inc. will post 1.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the completion of the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 20.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TSLA. Citigroup lowered their price objective on Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 24th. Jefferies Financial Group boosted their price objective on Tesla from $165.00 to $195.00 and gave the company a “hold” rating in a research note on Monday. Argus restated a “buy” rating and issued a $286.00 price objective on shares of Tesla in a research note on Friday, July 26th. The Goldman Sachs Group restated a “neutral” rating and issued a $230.00 price objective on shares of Tesla in a research note on Friday, October 11th. Finally, Glj Research restated a “sell” rating and issued a $24.86 price objective on shares of Tesla in a research note on Thursday, October 17th. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $211.63.

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.