Pacific Point Advisors LLC Makes New Investment in Tesla, Inc. (NASDAQ:TSLA)

Pacific Point Advisors LLC acquired a new position in Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, HoldingsChannel reports. The fund acquired 21,339 shares of the electric vehicle producer’s stock, valued at approximately $8,602,000. Tesla comprises 5.3% of Pacific Point Advisors LLC’s investment portfolio, making the stock its 3rd largest position.

Other hedge funds have also added to or reduced their stakes in the company. True Wealth Design LLC raised its position in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 31 shares during the period. Horrell Capital Management Inc. grew its stake in Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after acquiring an additional 34 shares in the last quarter. GS Investments Inc. grew its stake in Tesla by 193.3% during the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 58 shares in the last quarter. Navigoe LLC purchased a new position in Tesla during the fourth quarter valued at approximately $37,000. Finally, CoreFirst Bank & Trust purchased a new position in Tesla during the fourth quarter valued at approximately $38,000. Institutional investors own 66.20% of the company’s stock.

Insider Activity at Tesla

In other news, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $299.61, for a total transaction of $33,673,167.90. Following the transaction, the director now owns 85,000 shares in the company, valued at $25,466,850. This trade represents a 56.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 3,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $350.11, for a total value of $1,050,330.00. Following the transaction, the chief financial officer now owns 26,950 shares in the company, valued at $9,435,464.50. This trade represents a 10.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 415,623 shares of company stock worth $116,650,831 over the last quarter. Insiders own 20.70% of the company’s stock.

Tesla Stock Up 1.9%

Shares of TSLA opened at $341.04 on Friday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The firm has a fifty day moving average price of $275.05 and a 200-day moving average price of $332.09. The firm has a market capitalization of $1.10 trillion, a P/E ratio of 167.18, a P/E/G ratio of 5.86 and a beta of 2.43. Tesla, Inc. has a 12-month low of $167.41 and a 12-month high of $488.54.

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 firm had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on TSLA shares. Royal Bank of Canada reduced their price objective on shares of Tesla from $314.00 to $307.00 and set an “outperform” rating for the company in a research note on Wednesday, April 23rd. Stifel Nicolaus set a $450.00 price target on shares of Tesla and gave the stock a “buy” rating in a research note on Thursday, April 24th. Cantor Fitzgerald cut their price target on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Piper Sandler set a $400.00 price target on shares of Tesla in a research note on Tuesday, May 6th. Finally, HSBC cut their price target on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating for the company in a research note on Thursday, March 27th. Ten investment analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $289.43.

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.