Convergence Investment Partners LLC Grows Position in Tesla, Inc. (NASDAQ:TSLA)

Convergence Investment Partners LLC boosted its stake in Tesla, Inc. (NASDAQ:TSLA) by 51.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 12,946 shares of the electric vehicle producer’s stock after buying an additional 4,372 shares during the period. Tesla makes up approximately 1.2% of Convergence Investment Partners LLC’s portfolio, making the stock its 15th biggest position. Convergence Investment Partners LLC’s holdings in Tesla were worth $5,228,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Transcendent Capital Group LLC purchased a new stake in shares of Tesla in the 3rd quarter valued at approximately $29,000. Farmers & Merchants Trust Co of Chambersburg PA acquired a new stake in Tesla in the 4th quarter valued at approximately $46,000. PayPay Securities Corp raised its position in Tesla by 130.2% in the fourth 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. Peterson Financial Group Inc. acquired a new position in Tesla during the third quarter worth $35,000. Finally, Finley Financial LLC purchased a new position in shares of Tesla during the fourth quarter worth $64,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Analysts Set New Price Targets

TSLA has been the topic of several research reports. Wells Fargo & Company increased their target price on Tesla from $125.00 to $135.00 and gave the stock an “underweight” rating in a research note on Thursday, January 30th. StockNews.com cut shares of Tesla from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Morgan Stanley raised their price objective on shares of Tesla from $400.00 to $430.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Robert W. Baird cut their target price on shares of Tesla from $480.00 to $440.00 and set an “outperform” rating on the stock in a research note on Thursday, January 30th. Finally, Bank of America cut shares of Tesla from a “buy” rating to a “neutral” rating and raised their price target for the company from $400.00 to $490.00 in a research report on Tuesday, January 7th. Nine investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Tesla presently has an average rating of “Hold” and an average price target of $326.50.

Tesla Price Performance

TSLA stock opened at $337.80 on Friday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $1.09 trillion, a P/E ratio of 165.59, a PEG ratio of 5.97 and a beta of 2.34. The business has a 50 day simple moving average of $400.17 and a 200-day simple moving average of $312.40. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $40,775,792.65. This trade represents a 2.34 % decrease in their ownership of the stock. The sale 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 the business’s 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 directly owns 85,000 shares in the company, valued at $30,095,100. This represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 523,386 shares of company stock worth $195,995,200. Company insiders own 20.70% of the company’s stock.

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.