Cannon Financial Strategists Inc. Acquires New Position in Tesla, Inc. (NASDAQ:TSLA)

Cannon Financial Strategists Inc. bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 773 shares of the electric vehicle producer’s stock, valued at approximately $312,000.

A number of other hedge funds also recently added to or reduced their stakes in TSLA. Hengehold Capital Management LLC raised its position in shares of Tesla by 1.8% during the 4th quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer’s stock worth $544,000 after purchasing an additional 24 shares during the period. Strategic Investment Advisors MI increased its position in Tesla by 0.3% in the fourth quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer’s stock worth $2,823,000 after buying an additional 24 shares during the period. Acropolis Investment Management LLC lifted its stake in Tesla by 0.9% in the fourth quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer’s stock valued at $1,136,000 after buying an additional 25 shares during the last quarter. Mount Vernon Associates Inc. MD boosted its holdings in shares of Tesla by 0.3% during the fourth quarter. Mount Vernon Associates Inc. MD now owns 7,305 shares of the electric vehicle producer’s stock valued at $2,950,000 after acquiring an additional 25 shares during the period. Finally, Vista Finance LLC grew its position in shares of Tesla by 0.7% during the fourth quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer’s stock worth $1,417,000 after acquiring an additional 25 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Stock Down 4.7 %

TSLA stock opened at $337.80 on Friday. The company has a 50 day moving average of $400.17 and a two-hundred day moving average of $312.40. 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, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The company has a market cap of $1.09 trillion, a price-to-earnings ratio of 165.59, a PEG ratio of 5.97 and a beta of 2.34.

Tesla (NASDAQ:TSLA) last released its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (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%. On average, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on TSLA shares. Mizuho reiterated an “outperform” rating and issued a $515.00 price objective on shares of Tesla in a research report on Thursday, January 30th. Barclays lifted their price target on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday, January 15th. Wedbush increased their price objective on Tesla from $515.00 to $550.00 and gave the stock an “outperform” rating in a report on Wednesday, January 22nd. Jefferies Financial Group lifted their target price on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research note on Thursday, November 14th. Finally, Roth Mkm raised Tesla from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $380.00 in a research note on Monday, December 2nd. Nine research analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $326.50.

Insider Activity

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total value of $35,254,000.00. Following the completion of the sale, the director now owns 5,400 shares of the company’s stock, valued at approximately $1,903,716. The trade was a 94.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kimbal Musk sold 75,000 shares of the stock in a transaction 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 transaction, the director now directly owns 1,463,220 shares in the company, valued at $538,274,741.40. The trade was a 4.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 523,386 shares of company stock worth $195,995,200 in the last three months. 20.70% of the stock is owned by insiders.

About Tesla

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.