Prospect Hill Management LLC Has $25.99 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Prospect Hill Management LLC boosted its stake in Tesla, Inc. (NASDAQ:TSLA) by 1.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 100,291 shares of the electric vehicle producer’s stock after acquiring an additional 1,269 shares during the quarter. Tesla comprises 13.5% of Prospect Hill Management LLC’s holdings, making the stock its 2nd biggest position. Prospect Hill Management LLC’s holdings in Tesla were worth $25,991,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Cherry Tree Wealth Management LLC increased its holdings in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank increased its holdings in Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares during the last quarter. Newton One Investments LLC increased its holdings in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in Tesla during the first quarter valued at approximately $27,000. Finally, True Wealth Design LLC grew its stake in shares of Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 31 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Roth Mkm dropped their target price on shares of Tesla from $450.00 to $395.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. Piper Sandler reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Tesla in a research note on Tuesday, June 10th. The Goldman Sachs Group dropped their target price on shares of Tesla from $315.00 to $285.00 and set a “neutral” rating on the stock in a report on Friday, July 11th. Argus reissued a “hold” rating on shares of Tesla in a research note on Monday, June 9th. Finally, Robert W. Baird reissued a “neutral” rating and issued a $320.00 target price on shares of Tesla in a research note on Monday, June 9th. Ten research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Tesla has an average rating of “Hold” and a consensus price target of $300.19.

Tesla Trading Up 3.2%

TSLA stock traded up $10.24 during midday trading on Friday, reaching $329.65. 93,904,102 shares of the company traded hands, compared to its average volume of 98,883,688. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. The business has a 50 day moving average of $326.27 and a 200-day moving average of $317.30. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The firm has a market capitalization of $1.06 trillion, a price-to-earnings ratio of 181.13, a P/E/G ratio of 12.17 and a beta of 2.39.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. Tesla had a return on equity of 9.02% and a net margin of 6.66%. During the same period in the previous year, the firm posted $0.45 earnings per share. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, Director Ira Matthew Ehrenpreis sold 477,572 shares of Tesla stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director directly owned 855,394 shares in the company, valued at approximately $305,632,276.20. The trade was a 35.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Kimbal Musk sold 91,588 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.39, for a total value of $32,732,635.32. Following the transaction, the director owned 1,463,220 shares in the company, valued at approximately $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 835,509 shares of company stock worth $279,420,485. Insiders own 20.70% of the company’s stock.

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.