Essex Financial Services Inc. Has $990,000 Position in Tesla Inc (TSLA)

Essex Financial Services Inc. boosted its holdings in Tesla Inc (NASDAQ:TSLA) by 5.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,740 shares of the electric vehicle producer’s stock after buying an additional 191 shares during the period. Essex Financial Services Inc.’s holdings in Tesla were worth $990,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSLA. Summit Trail Advisors LLC raised its holdings in shares of Tesla by 7.3% during the second quarter. Summit Trail Advisors LLC now owns 2,448 shares of the electric vehicle producer’s stock worth $840,000 after acquiring an additional 166 shares during the period. Accredited Investors Inc. raised its holdings in shares of Tesla by 26.4% during the third quarter. Accredited Investors Inc. now owns 813 shares of the electric vehicle producer’s stock worth $215,000 after acquiring an additional 170 shares during the period. Flagship Harbor Advisors LLC raised its holdings in shares of Tesla by 9.1% during the second quarter. Flagship Harbor Advisors LLC now owns 2,392 shares of the electric vehicle producer’s stock worth $820,000 after acquiring an additional 199 shares during the period. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in shares of Tesla by 9.8% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,231 shares of the electric vehicle producer’s stock worth $766,000 after acquiring an additional 200 shares during the period. Finally, First Mercantile Trust Co. raised its holdings in shares of Tesla by 5.0% during the second quarter. First Mercantile Trust Co. now owns 4,200 shares of the electric vehicle producer’s stock worth $1,440,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 62.17% of the company’s stock.

A number of equities research analysts recently commented on TSLA shares. Citigroup lowered shares of Tesla from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $356.00 to $225.00 in a report on Friday, September 28th. Royal Bank of Canada raised their price objective on shares of Tesla to $315.00 and gave the stock a “positive” rating in a report on Thursday, August 2nd. Goldman Sachs Group set a $210.00 price objective on shares of Tesla and gave the stock a “sell” rating in a report on Wednesday, October 3rd. Barclays set a $210.00 price objective on shares of Tesla and gave the stock a “sell” rating in a report on Monday, August 27th. Finally, Sanford C. Bernstein set a $325.00 price objective on shares of Tesla and gave the stock a “neutral” rating in a report on Friday, September 28th. Thirteen investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $318.58.

Tesla stock opened at $348.16 on Thursday. The firm has a market capitalization of $59.10 billion, a P/E ratio of -30.33 and a beta of 0.48. Tesla Inc has a 1-year low of $244.59 and a 1-year high of $387.46. The company has a quick ratio of 0.37, a current ratio of 0.73 and a debt-to-equity ratio of 2.01.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 24th. The electric vehicle producer reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.77) by $4.67. Tesla had a negative net margin of 10.22% and a negative return on equity of 34.62%. The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $5.67 billion. On average, research analysts anticipate that Tesla Inc will post -5.09 earnings per share for the current year.

In other news, CEO Elon Musk bought 29,844 shares of the company’s stock in a transaction dated Monday, October 29th. The stock was bought at an average cost of $334.98 per share, for a total transaction of $9,997,143.12. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Jerome M. Guillen sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, November 1st. The shares were sold at an average price of $338.26, for a total transaction of $338,260.00. Following the completion of the transaction, the insider now owns 8,598 shares of the company’s stock, valued at $2,908,359.48. The disclosure for this sale can be found here. In the last three months, insiders sold 3,875 shares of company stock valued at $1,218,010. Insiders own 22.80% of the company’s stock.

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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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