Pinney & Scofield Inc. Purchases New Position in Tesla, Inc. (NASDAQ:TSLA)

Pinney & Scofield Inc. bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 900 shares of the electric vehicle producer’s stock, valued at approximately $363,000.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in TSLA. True Wealth Design LLC grew its holdings in shares of Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares during the period. Horrell Capital Management Inc. boosted its position in shares of Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after purchasing an additional 34 shares in the last quarter. GS Investments Inc. boosted its position in shares of Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 58 shares in the last quarter. Navigoe LLC bought a new stake in shares of Tesla in the 4th quarter worth approximately $37,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Tesla in the 4th quarter worth approximately $38,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling

In other Tesla news, CFO Vaibhav Taneja sold 3,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $350.11, for a total value of $1,050,330.00. Following the completion of the sale, the chief financial officer now owns 26,950 shares in the company, valued at approximately $9,435,464.50. This represents a 10.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the completion of the sale, the director now owns 477,011 shares of the company’s stock, valued at $114,859,478.69. The trade was a 10.30% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 415,623 shares of company stock valued at $116,650,831. 20.70% of the stock is owned by company insiders.

Tesla Price Performance

Shares of Tesla stock opened at $339.34 on Friday. Tesla, Inc. has a one year low of $167.41 and a one year high of $488.54. The stock’s fifty day moving average is $277.33 and its 200 day moving average is $332.69. The stock has a market cap of $1.09 trillion, a P/E ratio of 166.34, a P/E/G ratio of 5.86 and a beta of 2.43. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 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 prior year, the business posted $0.45 earnings per share. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on TSLA shares. TD Cowen raised Tesla from a “hold” rating to a “buy” rating and boosted their price target for the stock from $180.00 to $388.00 in a research report on Friday, March 7th. Truist Financial set a $280.00 price target on Tesla in a research report on Tuesday, April 22nd. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Piper Sandler set a $400.00 price target on Tesla in a research report on Tuesday, May 6th. Finally, Canaccord Genuity Group dropped their price target on Tesla from $404.00 to $303.00 and set a “buy” rating on the stock in a research report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, ten have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $293.97.

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.