Conway Capital Management Inc. Acquires Shares of 12,310 Tesla, Inc. (NASDAQ:TSLA)

Conway Capital Management Inc. bought a new position in Tesla, Inc. (NASDAQ:TSLA) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 12,310 shares of the electric vehicle producer’s stock, valued at approximately $3,221,000. Tesla comprises 1.6% of Conway Capital Management Inc.’s holdings, making the stock its 15th biggest holding.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TSLA. Connable Office Inc. increased its position in Tesla by 0.3% during the third quarter. Connable Office Inc. now owns 12,872 shares of the electric vehicle producer’s stock worth $3,368,000 after buying an additional 38 shares during the period. Community Bank N.A. grew its position in shares of Tesla by 4.4% during the third quarter. Community Bank N.A. now owns 908 shares of the electric vehicle producer’s stock worth $238,000 after acquiring an additional 38 shares during the last quarter. Holistic Financial Partners increased its holdings in shares of Tesla by 1.0% in the 3rd quarter. Holistic Financial Partners now owns 4,055 shares of the electric vehicle producer’s stock valued at $1,061,000 after acquiring an additional 40 shares during the period. Integris Wealth Management LLC raised its position in Tesla by 1.0% in the 2nd quarter. Integris Wealth Management LLC now owns 4,065 shares of the electric vehicle producer’s stock valued at $804,000 after purchasing an additional 42 shares during the last quarter. Finally, Sherrill & Hutchins Financial Advisory Inc boosted its stake in Tesla by 1.4% during the 3rd quarter. Sherrill & Hutchins Financial Advisory Inc now owns 3,058 shares of the electric vehicle producer’s stock worth $800,000 after purchasing an additional 43 shares during the period. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Roth Mkm raised shares of Tesla from a “neutral” rating to a “buy” rating and upped their target price for the company from $85.00 to $380.00 in a report on Monday, December 2nd. Wolfe Research began coverage on Tesla in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. increased their price objective on Tesla from $130.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, October 24th. Canaccord Genuity Group upped their price target on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, Bank of America increased their price target on Tesla from $350.00 to $400.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Nine analysts have rated the stock with a sell rating, sixteen have issued a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $248.12.

Insiders Place Their Bets

In other news, Director Kimbal Musk sold 60,500 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the transaction, the director now owns 1,563,220 shares of the company’s stock, valued at $391,164,540.60. This represents a 3.73 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the transaction, the chief financial officer now owns 108,965 shares in the company, valued at approximately $40,775,792.65. The trade was a 2.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 522,886 shares of company stock valued at $171,393,831. Company insiders own 20.70% of the company’s stock.

Tesla Stock Performance

NASDAQ TSLA opened at $389.79 on Tuesday. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $404.80. The business has a fifty day moving average of $288.09 and a 200-day moving average of $240.67. The stock has a market cap of $1.25 trillion, a price-to-earnings ratio of 106.79, a price-to-earnings-growth ratio of 12.64 and a beta of 2.36.

Tesla (NASDAQ:TSLA) last announced its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. As a group, analysts predict that Tesla, Inc. will post 1.99 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.