Baker Avenue Asset Management LP Sells 2,371 Shares of Tesla, Inc. $TSLA

Baker Avenue Asset Management LP decreased its position in shares of Tesla, Inc. (NASDAQ:TSLAFree Report) by 2.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 83,312 shares of the electric vehicle producer’s stock after selling 2,371 shares during the period. Tesla accounts for about 0.9% of Baker Avenue Asset Management LP’s investment portfolio, making the stock its 26th largest position. Baker Avenue Asset Management LP’s holdings in Tesla were worth $37,051,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock valued at $35,509,000 after acquiring an additional 9,293 shares during the period. Revolve Wealth Partners LLC boosted its stake in shares of Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock worth $2,147,000 after acquiring an additional 931 shares during the period. Bison Wealth LLC grew its position in shares of Tesla by 52.2% during the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock worth $4,187,000 after purchasing an additional 3,558 shares in the last quarter. Sivia Capital Partners LLC raised its stake in Tesla by 9.1% during the 2nd quarter. Sivia Capital Partners LLC now owns 12,135 shares of the electric vehicle producer’s stock valued at $3,855,000 after purchasing an additional 1,011 shares during the period. Finally, AGP Franklin LLC lifted its holdings in Tesla by 21.2% in the 2nd quarter. AGP Franklin LLC now owns 4,861 shares of the electric vehicle producer’s stock worth $1,544,000 after purchasing an additional 851 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla News Roundup

Here are the key news stories impacting Tesla this week:

Analyst Ratings Changes

A number of equities research analysts have issued reports on TSLA shares. TD Cowen reaffirmed a “buy” rating on shares of Tesla in a report on Monday, November 17th. Stifel Nicolaus upped their target price on shares of Tesla from $483.00 to $508.00 and gave the stock a “buy” rating in a research report on Monday, November 17th. Wedbush reaffirmed an “outperform” rating and set a $600.00 target price on shares of Tesla in a research note on Monday, December 15th. President Capital decreased their price target on shares of Tesla from $529.00 to $517.00 and set a “buy” rating on the stock in a research note on Tuesday, January 6th. Finally, Mizuho increased their price objective on shares of Tesla from $475.00 to $530.00 and gave the company an “outperform” rating in a report on Tuesday, December 16th. Eighteen equities research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and eight have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $410.77.

Check Out Our Latest Report on TSLA

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $449.06 on Friday. The firm has a fifty day simple moving average of $444.81 and a two-hundred day simple moving average of $403.99. Tesla, Inc. has a 52 week low of $214.25 and a 52 week high of $498.83. The company has a quick ratio of 1.67, a current ratio of 2.07 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.49 trillion, a P/E ratio of 299.37, a PEG ratio of 7.66 and a beta of 1.83.

Tesla (NASDAQ:TSLAGet Free Report) last announced its quarterly earnings results on Thursday, October 23rd. The electric vehicle producer reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm had revenue of $28.10 billion during the quarter, compared to the consensus estimate of $24.98 billion. During the same quarter last year, the firm earned $0.72 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In other news, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, January 2nd. The stock was sold at an average price of $445.40, for a total value of $26,724,000.00. Following the completion of the sale, the director directly owned 577,031 shares of the company’s stock, valued at $257,009,607.40. This trade represents a 9.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kimbal Musk sold 56,820 shares of Tesla stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $450.66, for a total value of $25,606,501.20. Following the completion of the transaction, the director owned 1,391,615 shares of the company’s stock, valued at approximately $627,145,215.90. This trade represents a 3.92% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 119,457 shares of company stock worth $53,501,145 over the last ninety days. Company insiders own 19.90% of the company’s stock.

About Tesla

(Free Report)

Tesla, Inc (NASDAQ: TSLA) is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company’s stated mission is to accelerate the world’s transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla’s automotive business includes a lineup of battery‑electric vehicles and related services.

Further Reading

Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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