Spectrum Management Group LLC Acquires 1,106 Shares of Tesla, Inc. (NASDAQ:TSLA)

Spectrum Management Group LLC grew its position in Tesla, Inc. (NASDAQ:TSLAGet Rating) by 553.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,306 shares of the electric vehicle producer’s stock after purchasing an additional 1,106 shares during the quarter. Tesla makes up 0.1% of Spectrum Management Group LLC’s portfolio, making the stock its 12th biggest position. Spectrum Management Group LLC’s holdings in Tesla were worth $346,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. Riggs Asset Managment Co. Inc. increased its position in Tesla by 0.6% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 1,761 shares of the electric vehicle producer’s stock worth $1,186,000 after purchasing an additional 11 shares during the period. Advisor OS LLC grew its holdings in shares of Tesla by 2.4% in the 2nd quarter. Advisor OS LLC now owns 510 shares of the electric vehicle producer’s stock worth $344,000 after acquiring an additional 12 shares during the period. Alera Investment Advisors LLC grew its holdings in shares of Tesla by 1.4% in the 2nd quarter. Alera Investment Advisors LLC now owns 852 shares of the electric vehicle producer’s stock worth $574,000 after acquiring an additional 12 shares during the period. Stanley Laman Group Ltd. grew its holdings in shares of Tesla by 4.0% in the 2nd quarter. Stanley Laman Group Ltd. now owns 314 shares of the electric vehicle producer’s stock worth $211,000 after acquiring an additional 12 shares during the period. Finally, Trust Co. of Toledo NA OH grew its holdings in shares of Tesla by 1.2% in the 2nd quarter. Trust Co. of Toledo NA OH now owns 1,004 shares of the electric vehicle producer’s stock worth $676,000 after acquiring an additional 12 shares during the period. 43.00% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Up 4.9 %

Shares of NASDAQ TSLA opened at $133.42 on Monday. Tesla, Inc. has a 12-month low of $101.81 and a 12-month high of $384.29. The company has a market cap of $421.31 billion, a P/E ratio of 41.22, a P/E/G ratio of 1.10 and a beta of 2.02. The company has a current ratio of 1.46, a quick ratio of 1.04 and a debt-to-equity ratio of 0.05. The stock has a fifty day moving average price of $150.72 and a 200 day moving average price of $221.87.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on TSLA shares. Morgan Stanley lowered their price target on Tesla from $330.00 to $250.00 and set an “overweight” rating on the stock in a report on Wednesday, December 28th. Daiwa Capital Markets reduced their target price on Tesla from $240.00 to $177.00 and set an “outperform” rating on the stock in a research note on Tuesday, December 20th. Cowen reduced their target price on Tesla from $205.00 to $122.00 in a research note on Tuesday, January 3rd. Piper Sandler reduced their target price on Tesla from $340.00 to $300.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 18th. Finally, Mizuho reduced their target price on Tesla from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Thursday, January 5th. Six analysts have rated the stock with a sell rating, thirteen have given a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $218.29.

Insider Activity at Tesla

In related news, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction on Thursday, October 27th. The stock was sold at an average price of $229.95, for a total value of $2,414,475.00. Following the completion of the sale, the senior vice president now directly owns 62,988 shares in the company, valued at approximately $14,484,090.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Elon Musk sold 9,650,000 shares of the stock in a transaction on Friday, November 4th. The stock was sold at an average price of $208.58, for a total value of $2,012,797,000.00. Following the completion of the sale, the chief executive officer now directly owns 455,467,432 shares in the company, valued at approximately $95,001,396,966.56. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction dated Thursday, October 27th. The shares were sold at an average price of $229.95, for a total value of $2,414,475.00. Following the sale, the senior vice president now owns 62,988 shares of the company’s stock, valued at $14,484,090.60. The disclosure for this sale can be found here. In the last three months, insiders sold 24,172,833 shares of company stock worth $4,492,567,309. Corporate insiders own 25.10% of the company’s stock.

About Tesla

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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.

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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