Connective Portfolio Management LLC Invests $2.42 Million in Tesla, Inc. (NASDAQ:TSLA)

Connective Portfolio Management LLC acquired a new stake in Tesla, Inc. (NASDAQ:TSLA) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 6,000 shares of the electric vehicle producer’s stock, valued at approximately $2,423,000. Tesla comprises approximately 3.6% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 6th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in the stock. Abich Financial Wealth Management LLC lifted its holdings in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in Tesla during the 3rd quarter worth approximately $29,000. Clean Yield Group raised its holdings in Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Peterson Financial Group Inc. bought a new position in Tesla in the third quarter valued at approximately $35,000. Finally, M&R Capital Management Inc. boosted its holdings in shares of Tesla by 263.2% in the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 100 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on TSLA shares. Truist Financial restated a “hold” rating and set a $360.00 price objective on shares of Tesla in a report on Thursday, January 2nd. Robert W. Baird boosted their price target on Tesla from $280.00 to $480.00 and gave the company an “outperform” rating in a report on Wednesday, December 18th. Canaccord Genuity Group increased their price objective on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. Wells Fargo & Company lifted their target price on Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a research report on Thursday, October 24th. Finally, Bank of America downgraded Tesla from a “buy” rating to a “neutral” rating and upped their price target for the stock from $400.00 to $490.00 in a research report on Tuesday, January 7th. Nine analysts have rated the stock with a sell rating, fifteen have issued a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $299.33.

Tesla Stock Down 3.4 %

Tesla stock opened at $413.82 on Friday. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $488.54. The company’s 50-day moving average price is $385.50 and its two-hundred day moving average price is $285.69. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.33 trillion, a P/E ratio of 113.38, a P/E/G ratio of 6.53 and a beta of 2.30.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.53 EPS. As a group, analysts expect that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Activity at Tesla

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the sale, the director now owns 5,400 shares of the company’s stock, valued at $2,222,802. This represents a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This trade represents a 3.67 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 621,886 shares of company stock worth $213,451,751. Corporate 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.