Concord Asset Management LLC VA Makes New $1.67 Million Investment in Tesla, Inc. (NASDAQ:TSLA)

Concord Asset Management LLC VA acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 6,659 shares of the electric vehicle producer’s stock, valued at approximately $1,670,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of TSLA. Norges Bank purchased a new position in shares of Tesla during the fourth quarter valued at $14,420,248,000. FMR LLC grew its holdings in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock valued at $13,997,660,000 after buying an additional 9,920,325 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Tesla by 27,378.6% during the first quarter. GAMMA Investing LLC now owns 9,812,316 shares of the electric vehicle producer’s stock valued at $2,542,960,000 after buying an additional 9,776,607 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Tesla by 4,963.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock valued at $2,356,288,000 after buying an additional 5,719,466 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Tesla by 21.6% during the 4th quarter. Northern Trust Corp now owns 28,579,615 shares of the electric vehicle producer’s stock valued at $11,541,592,000 after buying an additional 5,075,418 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a research note on Friday, March 28th. Oppenheimer reaffirmed a “mixed” rating on shares of Tesla in a research report on Tuesday, March 18th. HSBC reaffirmed a “reduce” rating and set a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Wedbush reaffirmed an “outperform” rating and set a $500.00 price objective on shares of Tesla in a research report on Tuesday, July 8th. Finally, Cantor Fitzgerald cut their price objective on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Ten investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $300.19.

Insider Activity

In related news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares of the company’s stock, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 835,509 shares of company stock valued at $279,420,485. 20.70% of the stock is currently owned by company insiders.

Tesla Trading Up 1.1%

Shares of NASDAQ TSLA opened at $316.90 on Tuesday. Tesla, Inc. has a 1-year low of $182.00 and a 1-year high of $488.54. The company has a market cap of $1.02 trillion, a PE ratio of 174.12, a P/E/G ratio of 9.33 and a beta of 2.39. 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 company has a 50-day moving average of $323.33 and a two-hundred day moving average of $318.52.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. As a group, equities analysts expect that Tesla, Inc. will post 2.56 earnings per share 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.