Suncoast Equity Management Grows Position in Tesla, Inc. (NASDAQ:TSLA)

Suncoast Equity Management boosted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 31.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,064 shares of the electric vehicle producer’s stock after buying an additional 255 shares during the period. Suncoast Equity Management’s holdings in Tesla were worth $430,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Financial Harvest LLC bought a new position in Tesla during the 4th quarter valued at approximately $498,000. FDx Advisors Inc. increased its position in Tesla by 48.1% during the 4th quarter. FDx Advisors Inc. now owns 1,673 shares of the electric vehicle producer’s stock valued at $676,000 after buying an additional 543 shares in the last quarter. Nicholson Wealth Management Group LLC increased its position in Tesla by 14.1% during the 4th quarter. Nicholson Wealth Management Group LLC now owns 1,618 shares of the electric vehicle producer’s stock valued at $653,000 after buying an additional 200 shares in the last quarter. Cromwell Holdings LLC increased its position in Tesla by 5.9% during the 4th quarter. Cromwell Holdings LLC now owns 7,804 shares of the electric vehicle producer’s stock valued at $3,152,000 after buying an additional 436 shares in the last quarter. Finally, Lakeside Advisors INC. bought a new position in Tesla during the 4th quarter valued at approximately $235,000. Institutional investors own 66.20% of the company’s stock.

Tesla Trading Down 4.7 %

Shares of TSLA stock opened at $337.80 on Monday. The stock has a market capitalization of $1.09 trillion, a price-to-earnings ratio of 165.59, a price-to-earnings-growth ratio of 5.86 and a beta of 2.34. The stock’s 50-day moving average price is $400.17 and its 200-day moving average price is $314.04. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

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

Insiders Place Their Bets

In related news, Director Kimbal Musk sold 75,000 shares of the company’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total value of $27,590,250.00. Following the transaction, the director now directly owns 1,463,220 shares of the company’s stock, valued at $538,274,741.40. This represents a 4.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.06, for a total value of $39,792,803.40. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $30,095,100. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 523,386 shares of company stock worth $195,995,200 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of analyst reports. Roth Capital raised Tesla from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Piper Sandler lifted their target price on Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a report on Tuesday, January 21st. Wedbush set a $328.50 target price on Tesla in a report on Wednesday, February 12th. Royal Bank of Canada reissued a “mixed” rating on shares of Tesla in a report on Saturday, February 8th. Finally, Wells Fargo & Company lifted their target price on Tesla from $125.00 to $135.00 and gave the stock an “underweight” rating in a report on Thursday, January 30th. Ten analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $319.57.

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.