Penobscot Investment Management Company Inc. Sells 600 Shares of Tesla, Inc. (NASDAQ:TSLA)

Penobscot Investment Management Company Inc. lowered its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 17.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,865 shares of the electric vehicle producer’s stock after selling 600 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Tesla were worth $1,157,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TSLA. Horrell Capital Management Inc. lifted its stake in shares of Tesla by 75.6% in the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after buying an additional 34 shares in the last quarter. GS Investments Inc. raised its position in Tesla by 193.3% in the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock worth $36,000 after buying an additional 58 shares during the last quarter. CoreFirst Bank & Trust bought a new position in Tesla during the 4th quarter valued at about $38,000. Cyrus J. Lawrence LLC purchased a new stake in shares of Tesla during the 4th quarter valued at about $44,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Tesla during the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA opened at $272.06 on Thursday. The business’s 50 day moving average price is $327.40 and its 200-day moving average price is $321.69. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The company has a market cap of $875.09 billion, a P/E ratio of 133.36, a P/E/G ratio of 5.86 and a beta of 2.50. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TSLA. Wedbush restated an “outperform” rating and issued a $550.00 target price on shares of Tesla in a report on Thursday, March 20th. Barclays increased their target price on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday, January 15th. Cowen raised shares of Tesla from a “hold” rating to a “buy” rating in a research report on Thursday, March 6th. Benchmark started coverage on shares of Tesla in a report on Wednesday, February 12th. They issued a “buy” rating and a $475.00 price objective on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $404.00 target price on shares of Tesla in a report on Monday, March 17th. Nine research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Tesla currently has an average rating of “Hold” and a consensus target price of $318.93.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 2,672 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the sale, the chief financial officer now directly owns 26,950 shares of the company’s stock, valued at approximately $7,242,273.50. This trade represents a 9.02 % 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 Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $411.63, for a total value of $41,163,000.00. Following the completion of the transaction, the director now directly owns 5,400 shares in the company, valued at $2,222,802. This trade represents a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,228 shares of company stock valued at $166,849,043 over the last 90 days. Insiders own 20.70% of the company’s stock.

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.