Norges Bank Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Norges Bank acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA) during the fourth quarter, HoldingsChannel reports. The fund acquired 35,707,824 shares of the electric vehicle producer’s stock, valued at approximately $14,420,248,000. Tesla accounts for 1.9% of Norges Bank’s holdings, making the stock its 8th biggest holding.

Other institutional investors have also added to or reduced their stakes in the company. Horrell Capital Management Inc. increased its stake in shares of Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock worth $32,000 after acquiring an additional 34 shares in the last quarter. GS Investments Inc. grew its holdings in Tesla by 193.3% in the fourth quarter. GS Investments Inc. now owns 88 shares of the electric vehicle producer’s stock worth $36,000 after purchasing an additional 58 shares during the period. CoreFirst Bank & Trust bought a new position in shares of Tesla during the fourth quarter valued at approximately $38,000. Cyrus J. Lawrence LLC bought a new stake in shares of Tesla in the 4th quarter worth approximately $44,000. Finally, Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in shares of Tesla in the fourth quarter worth $46,000. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on TSLA shares. Deutsche Bank Aktiengesellschaft upped their price target on Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a report on Monday, December 9th. Cantor Fitzgerald upgraded shares of Tesla from a “neutral” rating to an “overweight” rating and set a $425.00 price objective on the stock in a research report on Wednesday, March 19th. TD Cowen raised shares of Tesla from a “hold” rating to a “buy” rating and lifted their target price for the stock from $180.00 to $388.00 in a research report on Friday, March 7th. Guggenheim lowered their price target on Tesla from $175.00 to $170.00 and set a “sell” rating on the stock in a report on Wednesday, March 12th. Finally, Piper Sandler cut their price objective on Tesla from $500.00 to $450.00 and set an “overweight” rating for the company in a report on Thursday, March 20th. Nine equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $318.93.

Tesla Trading Down 5.6 %

NASDAQ TSLA opened at $272.06 on Thursday. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company’s 50-day moving average price is $327.40 and its 200-day moving average price is $321.69. The stock has a market cap of $875.09 billion, a PE ratio of 133.36, a PEG ratio of 5.86 and a beta of 2.50. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $411.63, for a total transaction of $41,163,000.00. Following the completion of the sale, the director now directly owns 5,400 shares in the company, valued at $2,222,802. This represents a 94.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the completion of the transaction, the chief financial officer now owns 108,965 shares of the company’s stock, valued at $45,063,565.40. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 477,228 shares of company stock worth $166,849,043. Company insiders own 20.70% of the company’s stock.

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.