Pinnacle Associates Ltd. Acquires 4,739 Shares of Tesla, Inc. $TSLA

Pinnacle Associates Ltd. grew its holdings in Tesla, Inc. (NASDAQ:TSLA) by 9.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,717 shares of the electric vehicle producer’s stock after acquiring an additional 4,739 shares during the period. Pinnacle Associates Ltd.’s holdings in Tesla were worth $17,699,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of TSLA. First Merchants Corp boosted its holdings in Tesla by 1.3% during the second quarter. First Merchants Corp now owns 2,413 shares of the electric vehicle producer’s stock valued at $767,000 after acquiring an additional 31 shares during the period. Alaska Wealth Advisors boosted its holdings in Tesla by 3.4% during the second quarter. Alaska Wealth Advisors now owns 985 shares of the electric vehicle producer’s stock valued at $313,000 after acquiring an additional 32 shares during the period. KWB Wealth boosted its holdings in Tesla by 2.4% during the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer’s stock valued at $439,000 after acquiring an additional 33 shares during the period. Conrad Siegel Investment Advisors Inc. raised its stake in Tesla by 3.6% during the 2nd quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer’s stock valued at $310,000 after purchasing an additional 34 shares during the last quarter. Finally, Guyasuta Investment Advisors Inc. raised its stake in Tesla by 0.7% during the 2nd quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer’s stock valued at $1,622,000 after purchasing an additional 34 shares during the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares of the company’s stock, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction that occurred on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares in the company, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 202,606 shares of company stock valued at $75,588,902. 19.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. New Street Research upped their target price on shares of Tesla from $465.00 to $520.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. UBS Group set a $247.00 price objective on shares of Tesla in a research note on Monday, October 6th. Guggenheim restated a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. China Renaissance increased their price objective on shares of Tesla from $349.00 to $380.00 and gave the company a “hold” rating in a research note on Friday, October 24th. Finally, Piper Sandler increased their price objective on shares of Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research note on Monday, September 22nd. One analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and eleven have assigned a Sell rating to the company’s stock. According to MarketBeat, Tesla has a consensus rating of “Hold” and an average target price of $388.51.

Tesla Stock Down 4.6%

Shares of NASDAQ:TSLA opened at $440.10 on Friday. The firm has a market cap of $1.46 trillion, a P/E ratio of 293.40, a P/E/G ratio of 16.84 and a beta of 2.08. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12 month low of $214.25 and a 12 month high of $488.54. The company’s 50-day moving average price is $408.19 and its two-hundred day moving average price is $346.05.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.02. The company had revenue of $28.10 billion for the quarter, compared to analyst estimates of $24.98 billion. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The company’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. As a group, research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current fiscal 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.