Conway Capital Management Inc. Boosts Stake in Tesla, Inc. (NASDAQ:TSLA)

Conway Capital Management Inc. raised its position in Tesla, Inc. (NASDAQ:TSLA) by 21.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,215 shares of the electric vehicle producer’s stock after buying an additional 2,640 shares during the period. Tesla accounts for 2.0% of Conway Capital Management Inc.’s investment portfolio, making the stock its 13th biggest holding. Conway Capital Management Inc.’s holdings in Tesla were worth $3,943,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Tesla by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 243,193,181 shares of the electric vehicle producer’s stock worth $98,211,134,000 after purchasing an additional 3,571,793 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Tesla by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 61,011,604 shares of the electric vehicle producer’s stock worth $24,566,217,000 after purchasing an additional 1,655,203 shares during the last quarter. Norges Bank purchased a new position in Tesla in the 4th quarter valued at approximately $14,420,248,000. FMR LLC grew its stake in Tesla by 40.1% in the 4th quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after buying an additional 9,920,325 shares in the last quarter. Finally, Northern Trust Corp grew its stake in Tesla by 21.6% in the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock valued at $11,541,592,000 after buying an additional 5,075,418 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In other Tesla news, CFO Vaibhav Taneja sold 1,000 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total value of $350,000.00. Following the sale, the chief financial officer now owns 1,950 shares in the company, valued at approximately $682,500. This represents a 33.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $285.58, for a total transaction of $32,096,336.20. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $24,274,300. This trade represents a 56.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 818,509 shares of company stock worth $273,791,775. 20.70% of the stock is currently owned by company insiders.

Tesla Price Performance

TSLA stock opened at $325.31 on Monday. Tesla, Inc. has a 1 year low of $177.00 and a 1 year high of $488.54. The company has a market cap of $1.05 trillion, a P/E ratio of 159.47, a PEG ratio of 5.86 and a beta of 2.47. The firm has a 50-day moving average of $299.39 and a 200 day moving average of $332.88. 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 released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 10.31% and a net margin of 7.26%. The company had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same period in the previous year, the company earned $0.45 earnings per share. On average, sell-side analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. The Goldman Sachs Group cut their price target on shares of Tesla from $295.00 to $285.00 and set a “neutral” rating for the company in a report on Friday, June 6th. Mizuho lifted their price objective on shares of Tesla from $325.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, May 16th. Baird R W downgraded shares of Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Raymond James downgraded shares of Tesla to an “outperform” rating in a report on Tuesday, April 22nd. Finally, Cfra Research cut shares of Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $293.67.

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.