Tri Ri Asset Management Corp Invests $11.15 Million in Tesla, Inc. (NASDAQ:TSLA)

Tri Ri Asset Management Corp acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA) in the 3rd quarter, HoldingsChannel reports. The institutional investor acquired 42,080 shares of the electric vehicle producer’s stock, valued at approximately $11,145,000. Tesla comprises approximately 5.7% of Tri Ri Asset Management Corp’s portfolio, making the stock its 5th biggest holding.

Several other large investors have also modified their holdings of TSLA. Peapack Gladstone Financial Corp boosted its position in shares of Tesla by 2.6% in the third quarter. Peapack Gladstone Financial Corp now owns 15,845 shares of the electric vehicle producer’s stock worth $4,146,000 after buying an additional 403 shares during the period. Synovus Financial Corp boosted its position in shares of Tesla by 10.0% in the third quarter. Synovus Financial Corp now owns 28,160 shares of the electric vehicle producer’s stock worth $7,368,000 after buying an additional 2,571 shares during the period. Blankinship & Foster LLC acquired a new stake in shares of Tesla in the third quarter worth $1,243,000. Destination Wealth Management boosted its position in shares of Tesla by 12.1% in the third quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock worth $3,296,000 after buying an additional 1,359 shares during the period. Finally, Wilmington Savings Fund Society FSB boosted its position in shares of Tesla by 106.5% in the third quarter. Wilmington Savings Fund Society FSB now owns 16,100 shares of the electric vehicle producer’s stock worth $4,212,000 after buying an additional 8,303 shares during the period. 66.20% of the stock is owned by institutional investors.

Tesla Stock Down 1.6 %

TSLA stock opened at $418.10 on Friday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $429.30. The company has a market cap of $1.34 trillion, a PE ratio of 114.55, a price-to-earnings-growth ratio of 10.52 and a beta of 2.36. The business’s 50-day simple moving average is $298.02 and its 200 day simple moving average is $244.72. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its 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. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same period last year, the business earned $0.53 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, research analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on TSLA shares. Canaccord Genuity Group raised their target price on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research report on Thursday, October 24th. Glj Research reissued a “sell” rating and set a $24.86 price objective on shares of Tesla in a research report on Thursday, October 17th. Roth Mkm raised Tesla from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $85.00 to $380.00 in a research report on Monday, December 2nd. Canaccord Genuity Group lifted their price objective on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research report on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a research report on Monday. Nine research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $257.36.

Insider Buying and Selling

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares of the company’s stock, valued at approximately $1,868,508. The trade was a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of Tesla stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $374.21, for a total value of $975,191.26. Following the sale, the chief financial officer now directly owns 108,965 shares in the company, valued at $40,775,792.65. The trade was a 2.34 % 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 valued at $171,393,831 over the last three months. 20.70% of the stock is owned by corporate 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.