Birchcreek Wealth Management LLC Takes $277,000 Position in Tesla, Inc. (NASDAQ:TSLA)

Birchcreek Wealth Management LLC bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) in the third quarter, according to the company in its most recent filing with the SEC. The firm bought 1,059 shares of the electric vehicle producer’s stock, valued at approximately $277,000.

A number of other hedge funds have also made changes to their positions in the company. China Universal Asset Management Co. Ltd. raised its holdings in shares of Tesla by 0.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 36,399 shares of the electric vehicle producer’s stock valued at $6,399,000 after purchasing an additional 331 shares during the last quarter. 1ST Source Bank boosted its position in Tesla by 88.3% during the first quarter. 1ST Source Bank now owns 1,527 shares of the electric vehicle producer’s stock worth $268,000 after purchasing an additional 716 shares during the period. M&G Plc bought a new position in Tesla during the first quarter worth $2,509,000. Pinkerton Retirement Specialists LLC boosted its position in shares of Tesla by 14.5% in the first quarter. Pinkerton Retirement Specialists LLC now owns 2,357 shares of the electric vehicle producer’s stock valued at $414,000 after acquiring an additional 298 shares during the period. Finally, Cooper Haims Advisors LLC boosted its position in shares of Tesla by 24.4% in the first quarter. Cooper Haims Advisors LLC now owns 1,896 shares of the electric vehicle producer’s stock valued at $333,000 after acquiring an additional 372 shares during the period. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Thursday, October 24th. Wedbush increased their target price on shares of Tesla from $300.00 to $400.00 and gave the company an “outperform” rating in a research report on Monday. Cantor Fitzgerald reissued a “neutral” rating and set a $245.00 target price on shares of Tesla in a research report on Wednesday, October 23rd. Finally, StockNews.com upgraded Tesla from a “sell” rating to a “hold” rating in a report on Thursday, October 24th. Nine investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $228.24.

Tesla Price Performance

Shares of Tesla stock traded up $8.03 during trading on Friday, hitting $319.21. 23,327,239 shares of the company were exchanged, compared to its average volume of 95,582,430. The firm has a 50 day moving average price of $250.10 and a 200 day moving average price of $219.58. 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 capitalization of $1.02 trillion, a price-to-earnings ratio of 87.45, a P/E/G ratio of 10.73 and a beta of 2.29. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $358.64.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.53 EPS. On average, equities analysts expect that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the completion of the sale, the director now directly owns 5,400 shares in the company, valued at approximately $1,868,508. This trade represents a 94.88 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 8,000 shares of Tesla stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. The trade was a 7.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 188,797 shares of company stock worth $57,616,781 over the last quarter. 20.70% of the stock is owned by company insiders.

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.