Sara Bay Financial Makes New $516,000 Investment in Tesla, Inc. (NASDAQ:TSLA)

Sara Bay Financial acquired a new position in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,959 shares of the electric vehicle producer's stock, valued at approximately $516,000.

Several other large investors also recently made changes to their positions in the business. True Wealth Design LLC grew its holdings in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 31 shares in the last quarter. Horrell Capital Management Inc. grew its stake in Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after purchasing an additional 34 shares in the last quarter. GS Investments Inc. grew its stake in Tesla by 193.3% during the 4th quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer's stock valued at $36,000 after purchasing an additional 58 shares in the last quarter. Navigoe LLC acquired a new stake in shares of Tesla during the fourth quarter worth approximately $37,000. Finally, CoreFirst Bank & Trust acquired a new stake in shares of Tesla during the fourth quarter worth approximately $38,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TSLA. Cowen upgraded Tesla from a "hold" rating to a "buy" rating in a research report on Thursday, March 6th. Piper Sandler set a $400.00 price objective on Tesla in a research report on Tuesday, May 6th. Wells Fargo & Company reduced their price target on shares of Tesla from $135.00 to $130.00 and set an "underweight" rating for the company in a report on Friday, March 14th. Bank of America reduced their target price on shares of Tesla from $490.00 to $380.00 and set a "neutral" rating for the company in a research note on Tuesday, March 4th. Finally, UBS Group reduced their price target on Tesla from $225.00 to $190.00 and set a "sell" rating for the company in a research report on Thursday, April 10th. Ten equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $294.27.

Insider Buying and Selling

In other news, CFO Vaibhav Taneja sold 1,000 shares of the company's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $350.00, for a total transaction of $350,000.00. Following the completion of the transaction, the chief financial officer now directly owns 1,950 shares of the company's stock, valued at approximately $682,500. This represents a 33.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph Gebbia acquired 4,000 shares of the firm's stock in a transaction on Thursday, April 24th. The stock was bought at an average price of $256.31 per share, with a total value of $1,025,240.00. Following the completion of the acquisition, the director now directly owns 4,111 shares in the company, valued at approximately $1,053,690.41. This represents a 3,603.60% increase in their position. The disclosure for this purchase can be found here. Insiders sold 870,721 shares of company stock worth $286,248,728 in the last quarter. 20.70% of the stock is owned by insiders.

Tesla Stock Performance

Shares of TSLA opened at $295.14 on Friday. The company has a market cap of $950.63 billion, a PE ratio of 144.68, a price-to-earnings-growth ratio of 5.86 and a beta of 2.47. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The stock has a 50-day moving average price of $292.17 and a 200-day moving average price of $333.62. Tesla, Inc. has a 12-month low of $167.41 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The company had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter in the previous year, the firm earned $0.45 earnings per share. As a group, equities 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.

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