Stony Point Capital LLC Purchases 72,942 Shares of Tesla, Inc. $TSLA

Stony Point Capital LLC boosted its position in Tesla, Inc. (NASDAQ:TSLA) by 270.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 99,906 shares of the electric vehicle producer’s stock after acquiring an additional 72,942 shares during the quarter. Tesla comprises approximately 2.7% of Stony Point Capital LLC’s portfolio, making the stock its 17th largest holding. Stony Point Capital LLC’s holdings in Tesla were worth $25,892,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cherry Tree Wealth Management LLC boosted its stake in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 44 shares during the last quarter. First PREMIER Bank boosted its stake in Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares during the last quarter. Pacific Center for Financial Services boosted its stake in Tesla by 1,616.7% during the 4th quarter. Pacific Center for Financial Services now owns 103 shares of the electric vehicle producer’s stock valued at $42,000 after purchasing an additional 97 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new position in Tesla during the 1st quarter valued at about $27,000. Finally, Newton One Investments LLC boosted its stake in Tesla by 250.0% during the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. 66.20% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Benchmark reiterated a “buy” rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research note on Thursday, June 26th. Royal Bank Of Canada reiterated an “overweight” rating on shares of Tesla in a research note on Tuesday, July 29th. Guggenheim reiterated a “sell” rating and set a $175.00 price target on shares of Tesla in a research note on Wednesday, July 23rd. Canaccord Genuity Group upped their target price on Tesla from $303.00 to $333.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Tesla in a report on Tuesday, June 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fifteen have given a Hold rating and nine have assigned a Sell rating to the stock. According to data from MarketBeat, Tesla currently has a consensus rating of “Hold” and an average target price of $303.31.

Insider Buying and Selling at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 6,000 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $341.02, for a total transaction of $2,046,120.00. Following the completion of the transaction, the chief financial officer directly owned 1,950 shares of the company’s stock, valued at approximately $664,989. This represents a 75.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total value of $42,034,800.00. Following the transaction, the director directly owned 697,031 shares of the company’s stock, valued at approximately $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 150,564 shares of company stock valued at $51,792,190. Company insiders own 20.70% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ TSLA opened at $345.98 on Friday. The stock has a fifty day simple moving average of $323.35 and a two-hundred day simple moving average of $303.11. Tesla, Inc. has a 1-year low of $205.97 and a 1-year high of $488.54. The firm has a market cap of $1.12 trillion, a price-to-earnings ratio of 199.99, a price-to-earnings-growth ratio of 12.15 and a beta of 2.33. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same period last year, the company posted $0.52 earnings per share. Tesla’s revenue for the quarter was down 11.8% on a year-over-year basis. Analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current 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.