Columbia Asset Management Increases Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Columbia Asset Management grew its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 10.8% during the second quarter, Holdings Channel reports. The firm owned 3,536 shares of the electric vehicle producer’s stock after purchasing an additional 345 shares during the quarter. Columbia Asset Management’s holdings in Tesla were worth $700,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Bank & Trust Co acquired a new stake in Tesla during the 2nd quarter worth approximately $25,000. OLD Point Trust & Financial Services N A purchased a new position in Tesla in the fourth quarter valued at $37,000. Kessler Investment Group LLC increased its holdings in Tesla by 35.9% during the 2nd quarter. Kessler Investment Group LLC now owns 193 shares of the electric vehicle producer’s stock worth $38,000 after purchasing an additional 51 shares during the period. Aspect Partners LLC raised its position in Tesla by 121.3% in the 2nd quarter. Aspect Partners LLC now owns 208 shares of the electric vehicle producer’s stock valued at $41,000 after purchasing an additional 114 shares in the last quarter. Finally, 1620 Investment Advisors Inc. purchased a new position in shares of Tesla in the 2nd quarter valued at about $42,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insider Buying and Selling at Tesla

In other news, Director Robyn M. Denholm sold 66,364 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total value of $14,597,425.44. Following the sale, the director now directly owns 85,000 shares in the company, valued at $18,696,600. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 25.10% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on TSLA. Royal Bank of Canada cut their target price on shares of Tesla from $227.00 to $224.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $245.00 price objective on shares of Tesla in a research report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Wednesday, July 24th. New Street Research cut Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price target on the stock. in a research note on Wednesday, July 24th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $300.00 price objective on shares of Tesla in a research report on Monday, August 19th. Nine analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $204.21.

Tesla Stock Performance

Shares of TSLA opened at $230.17 on Friday. The company has a market capitalization of $735.31 billion, a PE ratio of 58.72, a P/E/G ratio of 5.55 and a beta of 2.29. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $278.98. The company has a 50-day simple moving average of $224.21 and a 200-day simple moving average of $193.52. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.62 by ($0.10). The firm had revenue of $25.50 billion during the quarter, compared to analysts’ expectations of $24.38 billion. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.78 earnings per share. Equities research analysts predict that Tesla, Inc. will post 1.79 earnings per share 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.