Cibc World Markets Corp Sells 91,128 Shares of Tesla, Inc. (NASDAQ:TSLA)

Cibc World Markets Corp trimmed its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 16.0% in the fourth quarter, HoldingsChannel reports. The firm owned 477,042 shares of the electric vehicle producer’s stock after selling 91,128 shares during the quarter. Tesla accounts for about 1.1% of Cibc World Markets Corp’s holdings, making the stock its 17th largest holding. Cibc World Markets Corp’s holdings in Tesla were worth $192,649,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of TSLA. Peterson Financial Group Inc. acquired a new stake in shares of Tesla during the third quarter worth $35,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Tesla during the fourth quarter worth $46,000. Parkworth Wealth Management Inc. acquired a new stake in shares of Tesla during the fourth quarter worth $47,000. PayPay Securities Corp lifted its holdings in shares of Tesla by 130.2% during the fourth quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock worth $49,000 after buying an additional 69 shares in the last quarter. Finally, Rialto Wealth Management LLC acquired a new stake in shares of Tesla during the fourth quarter worth $55,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Stock Performance

Shares of TSLA stock opened at $249.98 on Monday. The business’s 50 day simple moving average is $351.31 and its 200 day simple moving average is $320.31. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The stock has a market capitalization of $804.06 billion, a PE ratio of 122.54, a PEG ratio of 5.86 and a beta of 2.50. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $411.63, for a total value of $41,163,000.00. Following the transaction, the director now directly owns 5,400 shares of the company’s stock, valued at approximately $2,222,802. The trade was a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $413.56, for a total value of $2,894,920.00. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 477,228 shares of company stock valued at $166,849,043. 20.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Evercore ISI lifted their target price on Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a report on Friday, January 3rd. Wedbush reaffirmed an “outperform” rating and issued a $550.00 price target on shares of Tesla in a research note on Friday, March 7th. Stifel Nicolaus dropped their price target on Tesla from $492.00 to $474.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Guggenheim dropped their price target on Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a research note on Wednesday, March 12th. Finally, New Street Research raised Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price target for the company in a research note on Monday, January 6th. Nine equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and an average price target of $325.65.

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.