KLP Kapitalforvaltning AS Makes New $391.37 Million Investment in Tesla, Inc. (NASDAQ:TSLA)

KLP Kapitalforvaltning AS acquired a new position in Tesla, Inc. (NASDAQ:TSLA) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 969,110 shares of the electric vehicle producer’s stock, valued at approximately $391,365,000. Tesla makes up approximately 1.9% of KLP Kapitalforvaltning AS’s investment portfolio, making the stock its 7th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in the company. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Tesla by 13.3% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 47,878 shares of the electric vehicle producer’s stock valued at $19,335,000 after acquiring an additional 5,620 shares in the last quarter. Umpqua Bank bought a new position in shares of Tesla during the fourth quarter valued at $209,000. Hillsdale Investment Management Inc. increased its holdings in shares of Tesla by 36.2% during the fourth quarter. Hillsdale Investment Management Inc. now owns 3,201 shares of the electric vehicle producer’s stock valued at $1,293,000 after acquiring an additional 850 shares in the last quarter. Intellus Advisors LLC bought a new position in shares of Tesla during the fourth quarter valued at $343,000. Finally, Sei Investments Co. increased its holdings in shares of Tesla by 24.4% during the fourth quarter. Sei Investments Co. now owns 1,035,288 shares of the electric vehicle producer’s stock valued at $418,092,000 after acquiring an additional 203,370 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Insider Activity

In related news, Director James R. Murdoch sold 54,776 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the completion of the sale, the director now directly owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. This trade represents a 10.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at $32,643,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,228 shares of company stock valued at $166,849,043 in the last ninety days. Insiders own 20.70% of the company’s stock.

Tesla Price Performance

NASDAQ:TSLA opened at $248.71 on Friday. The business’s 50-day moving average is $335.19 and its 200 day moving average is $319.68. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a market capitalization of $799.98 billion, a P/E ratio of 121.92, a P/E/G ratio of 5.86 and a beta of 2.50. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. On average, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TSLA. Cowen upgraded Tesla from a “hold” rating to a “buy” rating in a report on Thursday, March 6th. UBS Group reduced their price objective on Tesla from $259.00 to $225.00 and set a “sell” rating for the company in a report on Monday, March 10th. Guggenheim reduced their price objective on Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a report on Wednesday, March 12th. TD Cowen upgraded Tesla from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $180.00 to $388.00 in a report on Friday, March 7th. Finally, Truist Financial lifted their price objective on Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Nine equities research analysts have rated the stock with a sell rating, eight have given 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.com, the company presently has a consensus rating of “Hold” and an average price target of $318.93.

Tesla Company 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.