RedJay Asset Management Inc. Buys Shares of 8,000 Tesla, Inc. (NASDAQ:TSLA)

RedJay Asset Management Inc. acquired a new position in Tesla, Inc. (NASDAQ:TSLA) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 8,000 shares of the electric vehicle producer’s stock, valued at approximately $2,073,000.

Other hedge funds have also recently bought and sold shares of the company. Cherry Tree Wealth Management LLC grew its position in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank boosted its holdings in shares of Tesla by 79.2% in the first quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 42 shares in the last quarter. Newton One Investments LLC raised its holdings in Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after purchasing an additional 75 shares in the last quarter. True Wealth Design LLC boosted its stake in Tesla by 79.5% during the 4th quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 31 shares in the last quarter. Finally, Horrell Capital Management Inc. increased its position in shares of Tesla by 75.6% during the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer’s stock valued at $32,000 after purchasing an additional 34 shares during the period. 66.20% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on TSLA. HSBC dropped their price target on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a research report on Thursday, March 27th. Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating in a research report on Thursday, March 6th. Wedbush reiterated an “outperform” rating and set a $500.00 price objective on shares of Tesla in a research report on Friday, June 20th. Mizuho lifted their target price on Tesla from $325.00 to $390.00 and gave the stock an “outperform” rating in a report on Friday, May 16th. Finally, Baird R W downgraded Tesla from a “strong-buy” rating to a “hold” rating in a report on Monday, June 9th. Ten analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $298.37.

Insider Transactions at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $323.81, for a total value of $4,857,150.00. Following the sale, the senior vice president owned 67,600 shares in the company, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director directly owned 855,394 shares of the company’s stock, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Corporate insiders own 20.70% of the company’s stock.

Tesla Trading Down 1.8%

Shares of TSLA stock opened at $317.66 on Tuesday. 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 firm has a fifty day moving average of $316.73 and a 200-day moving average of $328.38. Tesla, Inc. has a 52-week low of $182.00 and a 52-week high of $488.54. The stock has a market cap of $1.02 trillion, a price-to-earnings ratio of 174.54, a P/E/G ratio of 12.20 and a beta of 2.47.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 6.66% and a return on equity of 9.02%. The business had revenue of $19.34 billion for the quarter, compared to analyst estimates of $22.93 billion. During the same period in the prior year, the business earned $0.45 earnings per share. On average, equities research analysts forecast 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.