Adirondack Trust Co. Cuts Position in Tesla, Inc. (NASDAQ:TSLA)

Adirondack Trust Co. lessened its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 17.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,697 shares of the electric vehicle producer’s stock after selling 982 shares during the quarter. Adirondack Trust Co.’s holdings in Tesla were worth $1,229,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Sanibel Captiva Trust Company Inc. increased its position in shares of Tesla by 15.0% in the third quarter. Sanibel Captiva Trust Company Inc. now owns 27,102 shares of the electric vehicle producer’s stock worth $7,091,000 after acquiring an additional 3,530 shares in the last quarter. Wedmont Private Capital boosted its position in Tesla by 12.5% during the 3rd quarter. Wedmont Private Capital now owns 39,107 shares of the electric vehicle producer’s stock worth $9,418,000 after purchasing an additional 4,337 shares during the period. O Connor Financial Group LLC acquired a new stake in Tesla in the 3rd quarter valued at $206,000. Great Oak Capital Partners LLC purchased a new position in Tesla in the third quarter valued at about $224,000. Finally, First National Corp MA ADV lifted its stake in shares of Tesla by 5.7% during the third quarter. First National Corp MA ADV now owns 1,975 shares of the electric vehicle producer’s stock worth $517,000 after purchasing an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on TSLA shares. UBS Group downgraded Tesla from a “neutral” rating to a “sell” rating and raised their target price for the company from $147.00 to $197.00 in a report on Friday, July 12th. Piper Sandler boosted their target price on shares of Tesla from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 25th. Sanford C. Bernstein restated an “underperform” rating and issued a $120.00 target price on shares of Tesla in a research note on Thursday, October 3rd. Royal Bank of Canada lifted their price target on shares of Tesla from $224.00 to $236.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Citigroup decreased their price objective on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating for the company in a research report on Wednesday, July 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $210.90.

Tesla Trading Down 1.4 %

Shares of NASDAQ:TSLA opened at $241.05 on Thursday. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $271.00. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The company has a market cap of $770.07 billion, a PE ratio of 61.49, a P/E/G ratio of 6.80 and a beta of 2.29. The company’s 50-day moving average price is $224.61 and its 200 day moving average price is $202.78.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data 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). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. During the same quarter in the prior year, the firm posted $0.78 earnings per share. The business’s quarterly revenue was up 2.3% on a year-over-year basis. Sell-side analysts anticipate that Tesla, Inc. will post 1.75 earnings per share for the current year.

Insider Activity

In other news, Director Robyn M. Denholm sold 66,364 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Vaibhav Taneja sold 8,000 shares of the stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $18,696,600. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,661 shares of company stock valued at $16,663,291. Company insiders own 25.10% of the company’s stock.

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.