Cullinan Associates Inc. Raises Stock Position in Tesla, Inc. $TSLA

Cullinan Associates Inc. lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 3.6% during the second quarter, HoldingsChannel.com reports. The fund owned 11,600 shares of the electric vehicle producer’s stock after buying an additional 400 shares during the quarter. Cullinan Associates Inc.’s holdings in Tesla were worth $3,685,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TSLA. Brighton Jones LLC increased 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 acquiring an additional 9,293 shares during the period. Revolve Wealth Partners LLC increased 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 acquiring an additional 931 shares during the period. Bison Wealth LLC increased its holdings in Tesla by 52.2% during the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock valued at $4,187,000 after buying an additional 3,558 shares during the period. Congress Asset Management Co. purchased a new position in Tesla during the first quarter valued at approximately $315,000. Finally, RDA Financial Network increased its holdings in Tesla by 59.9% during the first quarter. RDA Financial Network now owns 1,311 shares of the electric vehicle producer’s stock valued at $340,000 after buying an additional 491 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TSLA. Glj Research reissued a “sell” rating on shares of Tesla in a report on Thursday, July 24th. Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday, July 24th. Weiss Ratings reissued a “hold (c)” rating on shares of Tesla in a report on Saturday, September 27th. JPMorgan Chase & Co. lifted their price objective on shares of Tesla from $115.00 to $150.00 in a report on Friday. Finally, Guggenheim reissued a “sell” rating and set a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $344.40.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the transaction, the chief financial officer directly owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the business’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the transaction, the director owned 637,031 shares of the company’s stock, valued at $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 202,606 shares of company stock worth $75,588,902. Company insiders own 19.90% of the company’s stock.

Tesla Price Performance

Shares of TSLA opened at $453.25 on Tuesday. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a 50 day moving average of $366.57 and a two-hundred day moving average of $324.02. 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 $1.51 trillion, a price-to-earnings ratio of 261.99, a price-to-earnings-growth ratio of 14.93 and a beta of 2.08.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS 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 company had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter in the previous year, the firm posted $0.52 earnings per share. The company’s quarterly revenue was down 11.8% on a year-over-year basis. As a group, analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal 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.