Tesla, Inc. Stock Position Reduced by Valley National Advisers Inc

2 min read | October 28, 2024 04:07 AM PDT | By Team Kalkine Media

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Highlights

Valley National Advisers Inc. significantly reduced its stake in Tesla, Inc. during the third quarter.

Several institutional investors have made substantial adjustments to their holdings in Tesla, with some increasing their positions dramatically.

Recent insider transactions include significant stock sales by Tesla executives, indicating ongoing market activities.

Valley National Advisers Inc. has reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 36.7% during the third quarter, according to the latest filing with the Securities and Exchange Commission. After selling 2,150 shares, the firm now holds 3,708 shares of Tesla stock, valued at approximately $970,000.

Various institutional investors have also made noteworthy changes to their positions in Tesla. International Assets Investment Management LLC reported a remarkable increase in holdings of 35,611.2% during the third quarter, now owning over 11 million shares valued at about $2.89 billion after acquiring more than 11 million additional shares. Clean Energy Transition LLP and Strategic Financial Concepts LLC also significantly raised their stakes during the second quarter, with increases of 347.7% and 21,816.0%, respectively. Vanguard Group Inc. grew its position by 1.7% in the first quarter, while Healthcare of Ontario Pension Plan Trust Fund raised its holdings by 236.8%. Overall, institutional investors currently hold approximately 66.20% of Tesla’s outstanding shares.

Recent insider activity at Tesla has included significant stock transactions by company executives. CFO Vaibhav Taneja sold 8,000 shares on September 23, reflecting a total transaction value of $2 million. Following this transaction, Taneja retains ownership of 105,032 shares, valued at around $26.26 million. Additionally, SVP Xiaotong Zhu sold 297 shares on September 6, resulting in a minor decrease in ownership.

Analyst ratings for Tesla have shown a mixed outlook. Reports indicate a range of perspectives, with TD Cowen raising its price forecast and issuing a "hold" rating. Citigroup has lowered its price expectation while maintaining a "neutral" rating. The overall consensus among analysts includes a variety of ratings, with the company currently holding an average rating of "Hold" and a consensus price estimate around $219.

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