SouthState Corp Buys 129 Shares of Tesla, Inc. (NASDAQ:TSLA)

SouthState Corp boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 3,118 shares of the electric vehicle producer’s stock after purchasing an additional 129 shares during the quarter. SouthState Corp’s holdings in Tesla were worth $1,259,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in TSLA. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in shares of Tesla during the 4th quarter worth approximately $46,000. Parkworth Wealth Management Inc. bought a new stake in shares of Tesla during the 4th quarter valued at $47,000. PayPay Securities Corp lifted its stake in shares of Tesla by 130.2% in the 4th quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock valued at $49,000 after purchasing an additional 69 shares during the period. Rialto Wealth Management LLC bought a new position in shares of Tesla in the 4th quarter worth $55,000. Finally, Finley Financial LLC acquired a new stake in shares of Tesla during the fourth quarter worth $64,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tesla

In other Tesla news, Director Kathleen Wilson-Thompson sold 100,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $411.63, for a total value of $41,163,000.00. Following the completion of the sale, the director now owns 5,400 shares of the company’s stock, valued at $2,222,802. The trade was a 94.88 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at $45,063,565.40. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 477,228 shares of company stock worth $166,849,043 in the last ninety days. 20.70% of the stock is owned by company insiders.

Tesla Trading Down 4.8 %

Shares of Tesla stock opened at $238.01 on Tuesday. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $488.54. The company has a market capitalization of $765.56 billion, a price-to-earnings ratio of 116.67, a P/E/G ratio of 5.86 and a beta of 2.50. The business has a fifty day simple moving average of $347.85 and a two-hundred day simple moving average of $320.53. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

Tesla (NASDAQ:TSLA) last announced its quarterly 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%. Research analysts forecast that Tesla, Inc. will post 2.56 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on TSLA. Benchmark initiated coverage on Tesla in a report on Wednesday, February 12th. They set a “buy” rating and a $475.00 target price on the stock. The Goldman Sachs Group restated a “cautious” rating on shares of Tesla in a report on Monday, March 3rd. Deutsche Bank Aktiengesellschaft increased their target price on shares of Tesla from $295.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, December 9th. Guggenheim lowered their price objective on shares of Tesla from $175.00 to $170.00 and set a “sell” rating for the company in a research report on Wednesday, March 12th. Finally, Wells Fargo & Company reduced their target price on Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a report on Friday. Nine equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Tesla currently has a consensus rating of “Hold” and a consensus price target of $323.00.

Tesla 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.