Abound Financial LLC Purchases New Position in Tesla, Inc. (NASDAQ:TSLA)

Abound Financial LLC acquired a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 2,022 shares of the electric vehicle producer’s stock, valued at approximately $817,000.

Several other hedge funds also recently made changes to their positions in TSLA. Transcendent Capital Group LLC acquired a new position in Tesla in the third quarter valued at $29,000. Peterson Financial Group Inc. purchased a new position in shares of Tesla during the third quarter worth about $35,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new position in Tesla in the 4th quarter valued at about $46,000. PayPay Securities Corp raised its stake in Tesla by 130.2% during the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after acquiring an additional 69 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. lifted its position in Tesla by 692.6% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock worth $56,000 after acquiring an additional 187 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $354.43, for a total value of $2,481,010.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $37,226,491.76. This represents a 6.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total transaction of $35,254,000.00. Following the completion of the transaction, the director now owns 5,400 shares of the company’s stock, valued at $1,903,716. This trade represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 523,386 shares of company stock valued at $195,995,200 over the last ninety days. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TSLA shares. Piper Sandler boosted their target price on Tesla from $315.00 to $500.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Cantor Fitzgerald restated a “neutral” rating and set a $365.00 price objective on shares of Tesla in a research report on Wednesday, January 29th. Barclays raised their target price on shares of Tesla from $270.00 to $325.00 and gave the stock an “equal weight” rating in a research note on Wednesday, January 15th. Roth Capital upgraded shares of Tesla from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 2nd. Finally, StockNews.com downgraded shares of Tesla from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Ten equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $319.57.

Tesla Trading Down 8.4 %

Shares of Tesla stock opened at $302.80 on Wednesday. The firm has a market cap of $973.96 billion, a PE ratio of 148.43, a P/E/G ratio of 5.86 and a beta of 2.34. 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 business’s fifty day moving average is $393.98 and its two-hundred day moving average is $315.69.

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