Parkshore Wealth Management Inc. Acquires New Position in Tesla, Inc. (NASDAQ:TSLA)

Parkshore Wealth Management Inc. purchased a new position in Tesla, Inc. (NASDAQ:TSLA) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 9,017 shares of the electric vehicle producer’s stock, valued at approximately $3,641,000. Tesla comprises approximately 2.2% of Parkshore Wealth Management Inc.’s holdings, making the stock its 12th largest position.

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

Insider Transactions at Tesla

In related news, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now owns 477,011 shares in the company, valued at $114,859,478.69. The trade was a 10.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $384.04, for a total value of $43,162,255.60. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at $32,643,400. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 374,228 shares of company stock valued at $123,791,123. Company insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Cowen upgraded shares of Tesla from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th. Canaccord Genuity Group lowered their price target on shares of Tesla from $404.00 to $303.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. UBS Group reduced their target price on Tesla from $225.00 to $190.00 and set a “sell” rating for the company in a research note on Thursday, April 10th. Wedbush reissued an “outperform” rating and set a $350.00 price target (up from $315.00) on shares of Tesla in a report on Tuesday, April 22nd. Finally, Cantor Fitzgerald dropped their target price on shares of Tesla from $425.00 to $355.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Ten equities research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $287.46.

Tesla Stock Performance

Shares of Tesla stock opened at $284.95 on Monday. Tesla, Inc. has a one year low of $167.41 and a one year high of $488.54. The stock’s 50-day moving average is $263.98 and its 200-day moving average is $323.61. The firm has a market cap of $916.55 billion, a price-to-earnings ratio of 139.68, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. 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 posted its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The business had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the company posted $0.45 EPS. Equities analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Tesla Company 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.