Bridgeway Capital Management LLC Grows Stock Holdings in Tesla, Inc. $TSLA

Key Points

• Bridgeway Capital Management LLC increased its stake in Tesla by 8.1% during the first quarter, now owning 80,289 shares worth approximately $20.8 million.
• Tesla recently reported earnings of $0.40 per share, falling short of analyst expectations of $0.43, with a total revenue of $22.5 billion for the quarter.
• Insider transactions included Director James R. Murdoch selling 120,000 shares totaling about $42 million, reducing his ownership by nearly 15%.

Bridgeway Capital Management LLC grew its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 8.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,289 shares of the electric vehicle producer's stock after purchasing an additional 5,984 shares during the period. Tesla makes up about 0.5% of Bridgeway Capital Management LLC's holdings, making the stock its 20th largest holding. Bridgeway Capital Management LLC's holdings in Tesla were worth $20,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Eagle Capital Management LLC purchased a new position in shares of Tesla during the fourth quarter worth $331,000. Brighton Jones LLC boosted its position in shares of Tesla by 11.8% during the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock worth $35,509,000 after buying an additional 9,293 shares during the period. Revolve Wealth Partners LLC boosted its position in shares of Tesla by 21.2% during the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after buying an additional 931 shares during the period. Mascagni Wealth Management Inc. purchased a new position in shares of Tesla during the fourth quarter worth $346,000. Finally, Highview Capital Management LLC DE purchased a new position in shares of Tesla during the fourth quarter worth $2,367,000. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. UBS Group set a $290.00 price target on Tesla in a research report on Monday, June 30th. Canaccord Genuity Group raised their price target on Tesla from $303.00 to $333.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. Argus reiterated a "hold" rating on shares of Tesla in a research note on Monday, June 9th. Baird R W cut Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Finally, Robert W. Baird reiterated a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a research note on Monday, June 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have assigned a Hold rating and nine have issued a Sell rating to the stock. According to data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $303.31.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares of the company's stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 143,564 shares of company stock valued at $49,396,070. 20.70% of the stock is currently owned by insiders.

Tesla Stock Up 1.3%

Tesla stock traded up $4.44 during midday trading on Thursday, reaching $338.53. The company's stock had a trading volume of 60,470,316 shares, compared to its average volume of 72,309,936. Tesla, Inc. has a fifty-two week low of $210.51 and a fifty-two week high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.09 trillion, a P/E ratio of 195.68, a P/E/G ratio of 11.66 and a beta of 2.06. The business has a 50-day simple moving average of $323.45 and a 200-day simple moving average of $302.67.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the prior year, the business earned $0.52 earnings per share. The firm's quarterly revenue was down 11.8% on a year-over-year basis. On average, research analysts expect 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.