British Columbia Investment Management Corp Reduces Tesla Holdings

British Columbia Investment Management Corp (BCIMC) has decreased its stake in Tesla, Inc. (NASDAQ:TSLA) by 8.7% during the third quarter of this year. According to the latest filing with the Securities and Exchange Commission, the fund now holds 501,049 shares of Tesla after selling 47,959 shares during this period. This reduction means that Tesla represents 0.8% of BCIMC’s investment portfolio, making it the 24th largest holding within their investments. The value of BCIMC's holdings in Tesla was approximately $131.1 million at the close of the previous quarter.

Changes in Hedge Fund Positions

Several other institutional investors have also adjusted their positions in Tesla recently. For instance, Bank & Trust Co acquired a new investment in Tesla worth $25,000 in the second quarter. Similarly, Valley Wealth Managers Inc. made a new investment valued at about $26,000 during the same period. Furthermore, Abich Financial Wealth Management LLC increased its holdings by 168.8%, bringing their total to 129 shares worth around $26,000 after buying 81 additional shares. Transcendent Capital Group LLC also bought a new stake in Tesla valued at about $29,000 in the third quarter, and Clean Yield Group raised its position by 60%, now owning 128 shares valued at $33,000 following an extra purchase of 48 shares. Overall, institutional investors and hedge funds own about 66.2% of Tesla's stock.

Analyst Ratings and Price Forecasts

Various analysts have provided their insights and ratings for Tesla's stock. On October 25th, Stifel Nicolaus raised its price target from $265.00 to $287.00 while rating the stock as a "buy." Barclays also increased its target from $220.00 to $235.00 with an "equal weight" rating on October 29th. Conversely, Phillip Securities lowered its rating from "moderate sell" to "strong sell" on November 13th. The Goldman Sachs Group adjusted its price target from $230.00 to $250.00 with a "neutral" rating on October 24th. Lastly, JPMorgan Chase & Co. raised its price target from $130.00 to $135.00, maintaining an "underweight" rating. Currently, nine investment analysts have rated Tesla with a sell recommendation, seventeen have a hold rating, and fourteen have issued a buy rating. The consensus rating for the stock is "Hold," with an average price target set at $231.06.

Insider Trading Activity

On a related note, insider trading activity has also been observed. SVP Xiaotong Zhu sold 297 shares on September 6th at an average price of $221.77, totaling about $65,865.69. Following this transaction, Zhu owns 67,491 shares worth nearly $14.97 million, reflecting a 0.44% decrease in position. Additionally, Director Robyn M. Denholm sold 112,390 shares at an average price of $314.44 on November 15th, totaling around $35.34 million. After this sale, Denholm possesses 85,000 shares valued at about $26.73 million, representing a 56.94% decrease in their stake. In total, insiders sold 301,187 shares worth approximately $92.96 million in the last quarter, with insiders owning 20.70% of Tesla’s stock.

Tesla's Recent Performance

Tesla's stock has shown some positive movement lately, opening at $345.16 recently. The company currently holds a market capitalization of $1.11 trillion, features a P/E ratio of 94.56, and a PEG ratio of 10.81, with a beta of 2.29. The stock has fluctuated between a low of $138.80 and a high of $361.93 over the past year. Tesla's fifty-day moving average stands at $274.55, while the 200-day moving average is $231.81. As for its financial performance, Tesla recently reported quarterly earnings on October 23rd, posting earnings per share (EPS) of $0.72, surpassing analysts' expectations of $0.58. The company's revenue for the quarter was $25.18 billion, slightly below the anticipated $25.47 billion, but still representing a 7.8% year-over-year increase from the previous year's $0.53 EPS. Analysts predict that Tesla will deliver an EPS of 1.99 this fiscal year.

About Tesla, Inc.

Tesla, Inc. designs and manufactures electric vehicles and energy generation and storage systems, operating both in the United States and internationally. The company is divided into two major segments: Automotive, which produces electric vehicles and sells automotive regulatory credits; and Energy Generation and Storage, which focuses on energy solutions.

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