Canopy Partners LLC Grows Stake in Tesla, Inc. (NASDAQ:TSLA)

Canopy Partners LLC increased its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 3,807 shares of the electric vehicle producer’s stock after purchasing an additional 141 shares during the period. Canopy Partners LLC’s holdings in Tesla were worth $1,537,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in TSLA. Horrell Capital Management Inc. increased its holdings in Tesla by 75.6% during the fourth quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after buying an additional 34 shares during the period. GS Investments Inc. boosted its stake in Tesla by 193.3% in the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 58 shares in the last quarter. CoreFirst Bank & Trust acquired a new position in shares of Tesla during the fourth quarter worth $38,000. Delos Wealth Advisors LLC boosted its position in shares of Tesla by 300.0% in the 4th quarter. Delos Wealth Advisors LLC now owns 100 shares of the electric vehicle producer’s stock worth $40,000 after purchasing an additional 75 shares in the last quarter. Finally, Cyrus J. Lawrence LLC purchased a new stake in Tesla in the fourth quarter valued at about $44,000. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of recent analyst reports. Royal Bank of Canada lowered their target price on shares of Tesla from $440.00 to $320.00 and set an “outperform” rating for the company in a research note on Tuesday, March 18th. TD Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating and increased their price target for the stock from $180.00 to $388.00 in a report on Friday, March 7th. Evercore ISI increased their price objective on shares of Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a research note on Friday, January 3rd. Deutsche Bank Aktiengesellschaft decreased their price objective on Tesla from $420.00 to $345.00 and set a “buy” rating for the company in a report on Friday, March 28th. Finally, Stifel Nicolaus lowered their price objective on Tesla from $474.00 to $455.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Eight equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $312.65.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 2,672 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total value of $718,046.56. Following the transaction, the chief financial officer now directly owns 26,950 shares in the company, valued at $7,242,273.50. This represents a 9.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the sale, the director now owns 85,000 shares in the company, valued at $32,643,400. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 370,228 shares of company stock worth $122,791,123. 20.70% of the stock is currently owned by corporate insiders.

Tesla Price Performance

Shares of TSLA opened at $239.43 on Monday. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. 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 $770.13 billion, a P/E ratio of 117.37, a PEG ratio of 5.86 and a beta of 2.58. The firm’s 50 day moving average price is $305.98 and its 200 day moving average price is $324.24.

Tesla (NASDAQ:TSLA) last released its 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%. On average, research analysts forecast 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.