New York State Teachers Retirement System Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

New York State Teachers Retirement System trimmed its position in Tesla, Inc. (NASDAQ:TSLA) by 3.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 2,544,615 shares of the electric vehicle producer’s stock after selling 95,542 shares during the quarter. Tesla comprises approximately 1.4% of New York State Teachers Retirement System’s portfolio, making the stock its 10th largest holding. New York State Teachers Retirement System’s holdings in Tesla were worth $665,748,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Edge Financial Advisors LLC bought a new position in shares of Tesla in the third quarter worth $582,000. Highline Wealth Partners LLC purchased a new stake in Tesla in the third quarter worth $4,484,000. GSB Wealth Management LLC purchased a new position in shares of Tesla during the third quarter valued at approximately $209,000. Childress Capital Advisors LLC grew its position in Tesla by 15.9% during the 3rd quarter. Childress Capital Advisors LLC now owns 8,023 shares of the electric vehicle producer’s stock valued at $2,099,000 after purchasing an additional 1,101 shares during the last quarter. Finally, Foundation Wealth Management LLC bought a new stake in shares of Tesla in the 3rd quarter worth $225,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Up 0.4 %

Shares of TSLA traded up $1.04 during mid-day trading on Wednesday, reaching $260.56. The company’s stock had a trading volume of 14,121,679 shares, compared to its average volume of 94,276,938. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $273.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. The stock has a market cap of $836.41 billion, a PE ratio of 71.10, a price-to-earnings-growth ratio of 7.59 and a beta of 2.29. The company’s 50 day moving average is $232.09 and its 200 day moving average is $209.16.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 EPS. Equities analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the topic of a number of research reports. William Blair initiated coverage on shares of Tesla in a report on Thursday, August 29th. They issued an “outperform” rating on the stock. Argus restated a “buy” rating and set a $286.00 price target on shares of Tesla in a report on Friday, July 26th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $245.00 target price on shares of Tesla in a research report on Wednesday, October 23rd. Citigroup lowered their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research note on Wednesday, July 24th. Finally, Canaccord Genuity Group lifted their price target on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Eight investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $219.45.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, SVP Xiaotong Zhu sold 297 shares of Tesla 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 8,000 shares of the firm’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 transaction of $2,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 12,297 shares of company stock worth $3,065,866. 20.70% of the stock is currently owned by insiders.

Tesla 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.