1,896 Shares in Tesla, Inc. (NASDAQ:TSLA) Purchased by Cannon Advisors Inc.

Cannon Advisors Inc. bought a new stake in Tesla, Inc. (NASDAQ:TSLA) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,896 shares of the electric vehicle producer’s stock, valued at approximately $491,000.

Several other hedge funds have also recently bought and sold shares of the company. Rinkey Investments lifted its stake in Tesla by 3.5% during the fourth quarter. Rinkey Investments now owns 860 shares of the electric vehicle producer’s stock worth $347,000 after purchasing an additional 29 shares during the last quarter. Bell Investment Advisors Inc raised its holdings in shares of Tesla by 1.3% during the 4th quarter. Bell Investment Advisors Inc now owns 2,339 shares of the electric vehicle producer’s stock worth $945,000 after buying an additional 30 shares in the last quarter. Pitti Group Wealth Management LLC lifted its position in shares of Tesla by 2.2% during the 4th quarter. Pitti Group Wealth Management LLC now owns 1,470 shares of the electric vehicle producer’s stock worth $594,000 after buying an additional 31 shares during the last quarter. True Wealth Design LLC boosted its stake in 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 buying an additional 31 shares in the last quarter. Finally, Horrell Capital Management Inc. grew its position in Tesla by 75.6% in 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 during the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,564 shares of the stock in a transaction on Monday, June 9th. The stock was sold at an average price of $285.71, for a total value of $732,560.44. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at $1,692,546.04. This trade represents a 30.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Xiaotong Zhu sold 15,000 shares of Tesla stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the completion of the sale, the senior vice president directly owned 67,600 shares of the company’s stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Company insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on TSLA shares. The Goldman Sachs Group restated a “neutral” rating on shares of Tesla in a research note on Friday, June 20th. Benchmark restated a “buy” rating and issued a $475.00 target price (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. JPMorgan Chase & Co. decreased their target price on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 23rd. Cfra Research cut Tesla from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, April 22nd. Finally, Argus restated a “hold” rating on shares of Tesla in a research report on Monday, June 9th. Ten investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average price target of $300.64.

Tesla Trading Up 5.0%

NASDAQ:TSLA opened at $315.65 on Thursday. Tesla, Inc. has a 12 month low of $182.00 and a 12 month high of $488.54. The company has a current ratio of 2.00, a quick ratio of 1.54 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.02 trillion, a price-to-earnings ratio of 173.43, a PEG ratio of 11.41 and a beta of 2.39. The firm has a fifty day simple moving average of $319.28 and a two-hundred day simple moving average of $328.10.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The company had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same period last year, the company earned $0.45 EPS. Analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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.