Scoggin Management LP Increases Stock Position in Tesla, Inc. $TSLA

Key Points

• Scoggin Management LP increased its holdings in Tesla, Inc. by 40%, acquiring an additional 5,000 shares, bringing its total to 17,500 shares, valued at approximately $4.54 million.
• CFO Vaibhav Taneja sold 4,000 shares of Tesla, representing a 40.31% decrease in his position, while Director James R. Murdoch sold 120,000 shares in a transaction worth over $42 million.
• Tesla's stock has a current average rating of "Hold" and a consensus price target of $303.31, though its recent earnings report showed a decrease in revenue compared to the previous year.

Scoggin Management LP raised its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 40.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,500 shares of the electric vehicle producer's stock after purchasing an additional 5,000 shares during the period. Tesla accounts for approximately 1.3% of Scoggin Management LP's portfolio, making the stock its 18th largest holding. Scoggin Management LP's holdings in Tesla were worth $4,535,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Cherry Tree Wealth Management LLC lifted its stake in shares of Tesla by 86.3% during the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares during the period. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% during the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 42 shares during the period. Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Tesla during the first quarter valued at approximately $27,000. Finally, Centennial Bank AR lifted its stake in shares of Tesla by 833.3% during the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Activity

In other news, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $292.89, for a total value of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James R. Murdoch sold 120,000 shares of the firm's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the completion of the transaction, the director directly owned 697,031 shares in the company, valued at approximately $244,162,988.99. This represents a 14.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 144,564 shares of company stock valued at $49,746,070. Company insiders own 20.70% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Royal Bank Of Canada reissued an "overweight" rating on shares of Tesla in a research note on Tuesday, July 29th. Baird R W downgraded shares of Tesla from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 9th. Piper Sandler reaffirmed an "overweight" rating and set a $400.00 price target on shares of Tesla in a research note on Tuesday, June 10th. Glj Research reaffirmed a "sell" rating on shares of Tesla in a research note on Thursday, July 24th. Finally, Mizuho cut their price target on shares of Tesla from $390.00 to $375.00 and set an "outperform" rating on the stock in a research note on Tuesday, July 8th. One equities research 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 MarketBeat.com, Tesla currently has an average rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Performance

Shares of TSLA stock opened at $333.87 on Monday. The company's fifty day simple moving average is $323.59 and its 200-day simple moving average is $302.54. Tesla, Inc. has a 52 week low of $205.97 and a 52 week high of $488.54. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.08 trillion, a PE ratio of 192.99, a P/E/G ratio of 11.61 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS 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 analysts' expectations of $23.18 billion. During the same period in the prior year, the business posted $0.52 EPS. The business's revenue was down 11.8% on a year-over-year basis. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

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.

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