Tesla, Inc. $TSLA Shares Acquired by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 9.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 55,717 shares of the electric vehicle producer’s stock after buying an additional 4,739 shares during the period. Pinnacle Associates Ltd.’s holdings in Tesla were worth $17,699,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TSLA. Brighton Jones LLC increased its stake in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after buying an additional 9,293 shares during the period. Revolve Wealth Partners LLC increased its stake in Tesla by 21.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock valued at $2,147,000 after buying an additional 931 shares during the period. Bison Wealth LLC increased its stake in Tesla by 52.2% during the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock valued at $4,187,000 after buying an additional 3,558 shares during the period. Golden State Wealth Management LLC increased its stake in Tesla by 6.4% during the 1st quarter. Golden State Wealth Management LLC now owns 17,619 shares of the electric vehicle producer’s stock valued at $4,566,000 after buying an additional 1,053 shares during the period. Finally, DAVENPORT & Co LLC increased its stake in Tesla by 16.5% during the 1st quarter. DAVENPORT & Co LLC now owns 47,341 shares of the electric vehicle producer’s stock valued at $12,269,000 after buying an additional 6,721 shares during the period. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 2,606 shares of the company’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the transaction, the chief financial officer directly owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 20,000 shares of the company’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares in the company, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 202,606 shares of company stock worth $75,588,902. 19.90% of the stock is owned by company insiders.

Tesla Stock Performance

Tesla stock opened at $440.10 on Friday. The firm’s 50 day simple moving average is $408.19 and its 200-day simple moving average is $346.05. The company has a market cap of $1.46 trillion, a P/E ratio of 293.40, a price-to-earnings-growth ratio of 16.84 and a beta of 2.08. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.07 and a quick ratio of 1.67. Tesla, Inc. has a fifty-two week low of $214.25 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.02. The business had revenue of $28.10 billion for the quarter, compared to the consensus estimate of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. As a group, equities research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Ratings Changes

TSLA has been the topic of several research analyst reports. Wedbush reissued an “outperform” rating and set a $600.00 target price on shares of Tesla in a research note on Monday, October 20th. Guggenheim reiterated a “sell” rating and issued a $175.00 target price on shares of Tesla in a report on Wednesday, July 23rd. Barclays reiterated a “negative” rating and issued a $350.00 target price (up from $275.00) on shares of Tesla in a report on Thursday, October 16th. Robert W. Baird upgraded Tesla from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $320.00 to $548.00 in a research report on Friday, September 19th. Finally, CICC Research increased their price objective on Tesla from $360.00 to $450.00 and gave the company an “outperform” rating in a research report on Thursday, September 18th. One investment analyst has rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, twelve have assigned a Hold rating and eleven have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $388.51.

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.