Spinnaker Trust Decreases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Spinnaker Trust trimmed its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 6.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,732 shares of the electric vehicle producer’s stock after selling 243 shares during the quarter. Spinnaker Trust’s holdings in Tesla were worth $1,507,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new stake in shares of Tesla in the third quarter valued at approximately $29,000. Peterson Financial Group Inc. acquired a new stake in shares of Tesla in the 3rd quarter worth $35,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Tesla during the 4th quarter worth $46,000. PayPay Securities Corp boosted its position in shares of Tesla by 130.2% during the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after acquiring an additional 69 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. raised its stake in Tesla by 692.6% during the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 214 shares of the electric vehicle producer’s stock worth $56,000 after purchasing an additional 187 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TSLA shares. Phillip Securities downgraded shares of Tesla from a “moderate sell” rating to a “strong sell” rating in a report on Wednesday, November 13th. StockNews.com downgraded Tesla from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Piper Sandler raised their price objective on Tesla from $315.00 to $500.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. New Street Research raised shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 target price on the stock in a research report on Monday, January 6th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $365.00 price target on shares of Tesla in a research note on Wednesday, January 29th. Nine research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $326.50.

Tesla Stock Down 0.5 %

Shares of NASDAQ TSLA opened at $354.11 on Wednesday. The stock has a market cap of $1.14 trillion, a PE ratio of 173.58, a price-to-earnings-growth ratio of 6.22 and a beta of 2.34. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $488.54. The business has a 50-day moving average price of $405.64 and a 200 day moving average price of $309.75. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 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 2.54 earnings per share for the current year.

Insider Activity

In other news, Director Kimbal Musk sold 75,000 shares of the company’s stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the completion of the sale, the director now owns 1,463,220 shares in the company, valued at $538,274,741.40. This represents a 4.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Robyn M. Denholm sold 112,390 shares of Tesla stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at approximately $30,095,100. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 523,386 shares of company stock valued at $195,995,200. 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.