RNC Capital Management LLC Lowers Position in Tesla, Inc. (NASDAQ:TSLA)

RNC Capital Management LLC lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA – Get Rating) by 7.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,843 shares of the electric vehicle producer’s stock after selling 306 shares during the period. RNC Capital Management LLC’s holdings in Tesla were worth $473,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in Tesla by 212.2% during the 3rd quarter. Vanguard Group Inc. now owns 213,024,517 shares of the electric vehicle producer’s stock worth $56,504,752,000 after purchasing an additional 144,784,989 shares in the last quarter. State Street Corp grew its stake in Tesla by 213.5% during the third quarter. State Street Corp now owns 99,647,239 shares of the electric vehicle producer’s stock worth $26,431,430,000 after buying an additional 67,859,515 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Tesla by 229.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 46,956,884 shares of the electric vehicle producer’s stock worth $12,493,433,000 after acquiring an additional 32,723,798 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Tesla by 200.2% in the 3rd quarter. Jennison Associates LLC now owns 29,557,607 shares of the electric vehicle producer’s stock valued at $7,840,155,000 after acquiring an additional 19,711,687 shares during the period. Finally, Baillie Gifford & Co. lifted its holdings in shares of Tesla by 196.4% during the 3rd quarter. Baillie Gifford & Co. now owns 27,876,833 shares of the electric vehicle producer’s stock valued at $7,394,330,000 after acquiring an additional 18,472,529 shares in the last quarter. Institutional investors and hedge funds own 43.00% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $117.50, for a total transaction of $1,233,750.00. Following the completion of the transaction, the senior vice president now owns 64,259 shares of the company’s stock, valued at $7,550,432.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Tesla news, CAO Vaibhav Taneja sold 2,466 shares of the company’s stock in a transaction dated Monday, March 6th. The shares were sold at an average price of $195.79, for a total value of $482,818.14. Following the completion of the transaction, the chief accounting officer now owns 100,458 shares in the company, valued at approximately $19,668,671.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of Tesla stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $117.50, for a total value 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. Insiders have sold 53,221 shares of company stock valued at $8,988,542 over the last three months. Company insiders own 25.10% of the company’s stock.

Tesla Price Performance

TSLA opened at $180.13 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.53 and a debt-to-equity ratio of 0.04. The company’s 50-day moving average price is $175.38 and its 200 day moving average price is $197.07. Tesla, Inc. has a fifty-two week low of $101.81 and a fifty-two week high of $384.29. The firm has a market cap of $569.95 billion, a price-to-earnings ratio of 49.71, a price-to-earnings-growth ratio of 2.19 and a beta of 2.06.

Tesla (NASDAQ:TSLA – Get Rating) last posted its earnings results on Wednesday, January 25th. The electric vehicle producer reported $1.19 EPS for the quarter, beating the consensus estimate of $0.98 by $0.21. The company had revenue of $24.32 billion during the quarter, compared to analyst estimates of $24.26 billion. Tesla had a return on equity of 31.71% and a net margin of 15.41%. The business’s revenue was up 37.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 earnings per share. As a group, sell-side analysts expect that Tesla, Inc. will post 3.43 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on TSLA shares. Guggenheim downgraded Tesla from a “neutral” rating to a “sell” rating in a report on Friday, January 13th. Barclays began coverage on Tesla in a report on Tuesday, February 14th. They set an “overweight” rating and a $275.00 target price on the stock. Piper Sandler decreased their price target on Tesla from $340.00 to $300.00 and set an “overweight” rating for the company in a report on Wednesday, January 18th. Royal Bank of Canada lifted their price objective on shares of Tesla from $186.00 to $223.00 and gave the company an “outperform” rating in a research note on Monday, February 6th. Finally, Canaccord Genuity Group decreased their target price on shares of Tesla from $304.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, December 22nd. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Tesla has a consensus rating of “Hold” and a consensus target price of $221.39.

About Tesla

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Tesla, Inc engages in the design, development, manufacture, and sale of fully electric vehicles and energy generation and storage systems. The company operates through the following segments: Automotive and Energy Generation and Storage. The Automotive segment includes the design, development, manufacture, sale, and lease of electric vehicles as well as sales of automotive regulatory credits.