Cim Investment Management Inc. Cuts Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Cim Investment Management Inc. lowered its stake in Tesla, Inc. (NASDAQ:TSLA) by 3.6% during the 3rd quarter, HoldingsChannel reports. The firm owned 14,380 shares of the electric vehicle producer’s stock after selling 537 shares during the period. Tesla comprises 1.1% of Cim Investment Management Inc.’s holdings, making the stock its 13th largest position. Cim Investment Management Inc.’s holdings in Tesla were worth $3,762,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. Valley Wealth Managers Inc. purchased a new position in Tesla during the second quarter valued at $26,000. Abich Financial Wealth Management LLC grew its stake in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC purchased a new position in Tesla during the third quarter valued at $29,000. Clean Yield Group grew its stake in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after acquiring an additional 48 shares in the last quarter. Finally, Peterson Financial Group Inc. purchased a new position in shares of Tesla in the 3rd quarter worth $35,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

NASDAQ TSLA traded down $6.98 during trading hours on Thursday, reaching $417.79. The company’s stock had a trading volume of 13,714,967 shares, compared to its average volume of 94,400,969. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $426.92. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The stock has a market cap of $1.34 trillion, a PE ratio of 116.38, a PEG ratio of 12.64 and a beta of 2.36. The company’s 50-day moving average is $294.47 and its two-hundred day moving average is $243.51.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same period last year, the business posted $0.53 earnings per share. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. Analysts forecast that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $374.21, for a total value of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $26,727,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 522,886 shares of company stock worth $171,393,831 over the last ninety days. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TSLA shares. Truist Financial lifted their price target on shares of Tesla from $236.00 to $238.00 and gave the stock a “hold” rating in a research note on Thursday, October 24th. Wedbush reaffirmed an “outperform” rating and issued a $400.00 price objective on shares of Tesla in a report on Monday, November 18th. Canaccord Genuity Group increased their price target on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. William Blair initiated coverage on shares of Tesla in a report on Thursday, August 29th. They set an “outperform” rating on the stock. Finally, Glj Research restated a “sell” rating and set a $24.86 price objective on shares of Tesla in a research report on Thursday, October 17th. Nine investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $257.36.

About Tesla

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.