Renaissance Investment Group LLC acquired a new stake in Tesla, Inc. (NASDAQ:TSLA – Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 540 shares of the electric vehicle producer’s stock, valued at approximately $218,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Financial Services LLC grew its holdings in shares of Tesla by 11.2% during the second quarter. Commonwealth Financial Services LLC now owns 945 shares of the electric vehicle producer’s stock worth $187,000 after buying an additional 95 shares in the last quarter. Mill Creek Capital Advisors LLC grew its stake in Tesla by 0.5% in the 2nd quarter. Mill Creek Capital Advisors LLC now owns 25,772 shares of the electric vehicle producer’s stock worth $5,100,000 after acquiring an additional 119 shares during the period. Semmax Financial Advisors Inc. lifted its stake in shares of Tesla by 9.5% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 921 shares of the electric vehicle producer’s stock worth $191,000 after purchasing an additional 80 shares during the period. Strata Wealth Advisors LLC lifted its stake in shares of Tesla by 9.2% during the 2nd quarter. Strata Wealth Advisors LLC now owns 2,280 shares of the electric vehicle producer’s stock worth $451,000 after purchasing an additional 193 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Tesla by 60.2% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock worth $108,638,000 after purchasing an additional 206,248 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of analysts have issued reports on TSLA shares. The Goldman Sachs Group raised their price target on Tesla from $250.00 to $345.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Guggenheim boosted their target price on shares of Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a report on Thursday, December 5th. KGI Securities raised shares of Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price target on the stock in a research note on Thursday, October 24th. Truist Financial reissued a “hold” rating and set a $360.00 price objective on shares of Tesla in a research note on Thursday, January 2nd. Finally, Phillip Securities lowered Tesla from a “moderate sell” rating to a “strong sell” rating in a research report on Wednesday, November 13th. Nine investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Tesla presently has a consensus rating of “Hold” and a consensus price target of $304.94.
Insiders Place Their Bets
In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This represents a 3.73 % 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 the SEC website. 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 transaction, the chief financial officer now owns 108,965 shares of the company’s stock, valued at $45,063,565.40. This represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 621,886 shares of company stock valued at $213,451,751 over the last 90 days. 20.70% of the stock is owned by company insiders.
Tesla Stock Down 0.6 %
NASDAQ:TSLA opened at $424.07 on Wednesday. The stock has a 50-day simple moving average of $391.47 and a 200 day simple moving average of $290.05. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 116.18, a price-to-earnings-growth ratio of 8.60 and a beta of 2.30. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.
Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $25.47 billion. During the same period in the previous year, the business earned $0.53 EPS. The business’s quarterly revenue was up 7.8% on a year-over-year basis. Sell-side analysts predict that Tesla, Inc. will post 2.01 EPS for the current fiscal year.
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.
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