Peak Financial Management Inc. Reduces Position in Tesla, Inc. (NASDAQ:TSLA)

Peak Financial Management Inc. cut its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 15.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,998 shares of the electric vehicle producer’s stock after selling 376 shares during the quarter. Peak Financial Management Inc.’s holdings in Tesla were worth $496,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Tesla in the fourth quarter valued at $3,459,540,000. Moneta Group Investment Advisors LLC boosted its holdings in Tesla by 180,125.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,851,778 shares of the electric vehicle producer’s stock valued at $3,307,602,000 after purchasing an additional 26,836,879 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Tesla by 203.9% in the third quarter. Bank of New York Mellon Corp now owns 20,208,699 shares of the electric vehicle producer’s stock valued at $5,360,358,000 after purchasing an additional 13,558,882 shares during the last quarter. Morgan Stanley boosted its holdings in Tesla by 26.3% in the fourth quarter. Morgan Stanley now owns 25,427,168 shares of the electric vehicle producer’s stock valued at $3,132,119,000 after purchasing an additional 5,292,464 shares during the last quarter. Finally, State Street Corp raised its position in shares of Tesla by 4.4% in the second quarter. State Street Corp now owns 104,115,390 shares of the electric vehicle producer’s stock worth $27,254,286,000 after acquiring an additional 4,431,570 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

Shares of TSLA opened at $175.79 on Friday. Tesla, Inc. has a 1-year low of $152.37 and a 1-year high of $299.29. The stock has a market cap of $559.85 billion, a PE ratio of 40.79, a price-to-earnings-growth ratio of 4.06 and a beta of 2.41. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25. The firm has a fifty day moving average price of $187.78 and a 200 day moving average price of $222.06.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The company had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a net margin of 15.50% and a return on equity of 16.62%. Tesla’s revenue was up 3.5% on a year-over-year basis. During the same period last year, the firm earned $1.07 earnings per share. As a group, sell-side analysts anticipate that Tesla, Inc. will post 2.44 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TSLA. JPMorgan Chase & Co. lowered their target price on shares of Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a research note on Friday, January 26th. Robert W. Baird reissued an “outperform” rating and set a $300.00 target price on shares of Tesla in a research note on Thursday, January 25th. Wedbush lowered their target price on shares of Tesla from $315.00 to $300.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler decreased their price target on shares of Tesla from $295.00 to $225.00 and set an “overweight” rating on the stock in a research note on Monday, February 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $298.00 price target on shares of Tesla in a research note on Wednesday. Ten equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $204.63.

Insider Transactions at Tesla

In other Tesla news, Director Robyn M. Denholm sold 93,706 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the transaction, the director now directly owns 15,000 shares in the company, valued at $2,920,950. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $177.11, for a total transaction of $121,674.57. Following the transaction, the senior vice president now owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robyn M. Denholm sold 93,706 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $194.73, for a total transaction of $18,247,369.38. Following the transaction, the director now directly owns 15,000 shares in the company, valued at approximately $2,920,950. The disclosure for this sale can be found here. Insiders have sold a total of 198,598 shares of company stock worth $36,952,434 over the last ninety days. 25.10% of the stock is currently owned by company insiders.

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.