Stony Point Capital LLC Acquires 72,942 Shares of Tesla, Inc. $TSLA

Key Points

• Stony Point Capital LLC significantly increased its Tesla holdings by 270.5%, acquiring an additional 72,942 shares to bring its total ownership to approximately 99,906 shares, valued at $25.9 million.
• Institutional investors now own 66.20% of Tesla's stock, highlighting a growing interest among major investment firms in the electric vehicle producer.
• Tesla reported earnings of $0.40 per share in its last quarter, missing the consensus estimate by $0.03, with revenue declining to $22.5 billion, down 11.8% year-over-year.

Stony Point Capital LLC grew its holdings in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 270.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 99,906 shares of the electric vehicle producer's stock after purchasing an additional 72,942 shares during the period. Tesla makes up about 2.7% of Stony Point Capital LLC's portfolio, making the stock its 17th biggest position. Stony Point Capital LLC's holdings in Tesla were worth $25,892,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Cherry Tree Wealth Management LLC lifted its stake in shares of Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 42 shares during the last quarter. Pacific Center for Financial Services lifted its stake in shares of Tesla by 1,616.7% in the 4th quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer's stock valued at $42,000 after acquiring an additional 97 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in shares of Tesla in the 1st quarter valued at $27,000. Finally, Newton One Investments LLC lifted its stake in shares of Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after acquiring an additional 75 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 120,000 shares of the business's stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the completion of the sale, the director directly owned 697,031 shares of the company's stock, valued at $244,162,988.99. The trade was a 14.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 6,000 shares of the business's stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $341.02, for a total value of $2,046,120.00. Following the completion of the sale, the chief financial officer directly owned 1,950 shares of the company's stock, valued at $664,989. The trade was a 75.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 150,564 shares of company stock valued at $51,792,190. Corporate insiders own 20.70% of the company's stock.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of research reports. Canaccord Genuity Group increased their price target on Tesla from $303.00 to $333.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. HSBC reiterated a "reduce" rating and issued a $120.00 price target on shares of Tesla in a research note on Thursday, July 3rd. William Blair lowered Tesla from an "outperform" rating to a "market perform" rating in a research report on Monday, July 7th. Daiwa Capital Markets reaffirmed a "neutral" rating on shares of Tesla in a research report on Sunday, July 27th. Finally, Bank of America raised their target price on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fifteen have issued a Hold rating and nine have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $303.31.

Tesla Stock Performance

TSLA stock opened at $345.98 on Friday. The stock has a 50-day moving average price of $323.35 and a 200-day moving average price of $303.11. Tesla, Inc. has a 1-year low of $205.97 and a 1-year 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 firm has a market cap of $1.12 trillion, a PE ratio of 199.99, a price-to-earnings-growth ratio of 12.15 and a beta of 2.33.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the business posted $0.52 earnings per share. The business's revenue was down 11.8% on a year-over-year basis. As a group, equities research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla 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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