Nippon Life Global Investors Americas Inc. Grows Stake in Tesla, Inc. (NASDAQ:TSLA)

Nippon Life Global Investors Americas Inc. increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 31.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,970 shares of the electric vehicle producer’s stock after purchasing an additional 13,000 shares during the quarter. Tesla makes up approximately 1.0% of Nippon Life Global Investors Americas Inc.’s portfolio, making the stock its 29th biggest position. Nippon Life Global Investors Americas Inc.’s holdings in Tesla were worth $22,199,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TSLA. Destination Wealth Management grew its stake in Tesla by 12.1% during the 3rd quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock worth $3,296,000 after buying an additional 1,359 shares during the last quarter. Stephens Consulting LLC raised its position in Tesla by 126.7% in the 4th quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock valued at $644,000 after purchasing an additional 891 shares during the last quarter. Worth Asset Management LLC boosted its stake in Tesla by 383.1% during the 4th quarter. Worth Asset Management LLC now owns 8,314 shares of the electric vehicle producer’s stock worth $3,358,000 after purchasing an additional 6,593 shares during the period. Strategic Family Wealth Counselors L.L.C. grew its position in Tesla by 133.7% during the 4th quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after purchasing an additional 1,629 shares during the last quarter. Finally, Ameritas Advisory Services LLC increased its stake in Tesla by 104.9% in the fourth quarter. Ameritas Advisory Services LLC now owns 57,553 shares of the electric vehicle producer’s stock valued at $23,242,000 after purchasing an additional 29,458 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TSLA shares. Stifel Nicolaus decreased their target price on shares of Tesla from $474.00 to $455.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Truist Financial lowered their target price on Tesla from $373.00 to $280.00 and set a “hold” rating on the stock in a research note on Thursday, April 3rd. JPMorgan Chase & Co. cut their price target on Tesla from $135.00 to $120.00 and set an “underweight” rating for the company in a research note on Wednesday, March 12th. Canaccord Genuity Group restated a “buy” rating and set a $404.00 price objective on shares of Tesla in a research report on Monday, March 17th. Finally, Wells Fargo & Company reduced their price objective on shares of Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a research report on Friday, March 14th. Nine analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $290.66.

Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $250.00, for a total value of $1,000,000.00. Following the transaction, the chief financial officer now owns 26,950 shares of the company’s stock, valued at approximately $6,737,500. This trade represents a 12.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 374,228 shares of company stock worth $123,791,123 in the last three months. 20.70% of the stock is currently owned by company insiders.

Tesla Stock Performance

Shares of TSLA stock opened at $227.50 on Tuesday. The firm has a market capitalization of $731.76 billion, a price-to-earnings ratio of 111.52, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. The company has a 50 day moving average price of $271.75 and a 200 day moving average price of $323.14. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current 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.