Highland Capital Management LLC Has $7.16 Million Stock Position in Tesla, Inc. $TSLA

Highland Capital Management LLC cut its holdings in Tesla, Inc. (NASDAQ:TSLA) by 17.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,531 shares of the electric vehicle producer’s stock after selling 4,776 shares during the quarter. Highland Capital Management LLC’s holdings in Tesla were worth $7,157,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC lifted its stake in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank increased its holdings in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares in the last quarter. Newton One Investments LLC boosted its holdings in shares of Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI bought a new stake in Tesla during the 1st quarter worth $27,000. Finally, Chelsea Counsel Co. increased its holdings in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. HSBC raised their price objective on shares of Tesla from $120.00 to $127.00 in a report on Monday, September 29th. Piper Sandler lifted their price target on shares of Tesla from $400.00 to $500.00 and gave the stock an “overweight” rating in a report on Monday, September 22nd. Canaccord Genuity Group boosted their price objective on shares of Tesla from $333.00 to $490.00 and gave the stock a “buy” rating in a research note on Tuesday, September 30th. JPMorgan Chase & Co. raised their target price on Tesla from $115.00 to $150.00 in a research report on Friday. Finally, Bank of America upped their price target on Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, thirteen have issued a Hold rating and eight have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $344.40.

Insider Activity at Tesla

In other Tesla news, Director James R. Murdoch sold 60,000 shares of the stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the transaction, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer owned 9,856 shares of the company’s stock, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 in the last three months. Corporate insiders own 19.90% of the company’s stock.

Tesla Price Performance

Tesla stock opened at $453.25 on Tuesday. The stock has a market capitalization of $1.51 trillion, a price-to-earnings ratio of 261.99, a PEG ratio of 14.93 and a beta of 2.08. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. The stock’s 50 day moving average price is $366.57 and its two-hundred day moving average price is $324.02.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03). The company had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm’s revenue was down 11.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 earnings per share. On average, equities analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

About Tesla

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.