Cannell & Co. Purchases 700 Shares of Tesla, Inc. (NASDAQ:TSLA)

Cannell & Co. raised its position in shares of Tesla, Inc. (NASDAQ:TSLAGet Rating) by 200.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,050 shares of the electric vehicle producer’s stock after acquiring an additional 700 shares during the period. Cannell & Co.’s holdings in Tesla were worth $279,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Jennison Associates LLC grew its holdings in shares of Tesla by 200.2% in the third quarter. Jennison Associates LLC now owns 29,557,607 shares of the electric vehicle producer’s stock worth $7,840,155,000 after purchasing an additional 19,711,687 shares during the last quarter. Baillie Gifford & Co. grew its holdings in shares of Tesla by 196.4% in the third quarter. Baillie Gifford & Co. now owns 27,876,833 shares of the electric vehicle producer’s stock worth $7,394,330,000 after purchasing an additional 18,472,529 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Tesla by 189.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 9,366,820 shares of the electric vehicle producer’s stock worth $2,484,549,000 after purchasing an additional 6,125,732 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Tesla by 105.0% in the third quarter. SG Americas Securities LLC now owns 105,194 shares of the electric vehicle producer’s stock worth $27,903,000 after purchasing an additional 2,209,304 shares during the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Tesla by 217.2% in the third quarter. New York State Teachers Retirement System now owns 3,159,080 shares of the electric vehicle producer’s stock worth $837,946,000 after purchasing an additional 2,163,098 shares during the last quarter. Institutional investors own 43.00% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on TSLA shares. Wolfe Research cut their price target on shares of Tesla from $360.00 to $288.00 and set an “outperform” rating on the stock in a report on Thursday, October 20th. Wedbush dropped their target price on shares of Tesla from $250.00 to $175.00 and set an “outperform” rating on the stock in a report on Friday, December 23rd. Canaccord Genuity Group dropped their target price on shares of Tesla from $304.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, December 22nd. Jefferies Financial Group dropped their target price on shares of Tesla from $350.00 to $180.00 and set a “buy” rating on the stock in a report on Tuesday, January 17th. Finally, The Goldman Sachs Group dropped their target price on shares of Tesla from $235.00 to $205.00 and set a “buy” rating on the stock in a report on Monday, January 2nd. Six equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat, Tesla currently has an average rating of “Hold” and an average target price of $216.60.

Insiders Place Their Bets

In other Tesla news, CFO Zachary Kirkhorn sold 3,752 shares of the firm’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $109.31, for a total transaction of $410,131.12. Following the completion of the transaction, the chief financial officer now directly owns 200,411 shares of the company’s stock, valued at approximately $21,906,926.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Zachary Kirkhorn sold 3,752 shares of the firm’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $109.31, for a total transaction of $410,131.12. Following the sale, the chief financial officer now owns 200,411 shares of the company’s stock, valued at approximately $21,906,926.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $117.50, for a total transaction of $1,233,750.00. Following the sale, the senior vice president now directly owns 64,259 shares in the company, valued at approximately $7,550,432.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,172,833 shares of company stock valued at $4,492,567,309. 25.10% of the stock is owned by insiders.

Tesla Stock Performance

TSLA opened at $143.89 on Wednesday. Tesla, Inc. has a 12-month low of $101.81 and a 12-month high of $384.29. 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 firm has a market capitalization of $454.37 billion, a PE ratio of 44.46, a P/E/G ratio of 1.18 and a beta of 2.02. The firm has a 50 day moving average of $148.77 and a two-hundred day moving average of $220.41.

Tesla Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Tesla (NASDAQ:TSLA)

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