Intact Investment Management Inc. Decreases Position in Tesla, Inc. (NASDAQ:TSLA)

Intact Investment Management Inc. decreased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 17.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,600 shares of the electric vehicle producer’s stock after selling 1,000 shares during the quarter. Intact Investment Management Inc.’s holdings in Tesla were worth $1,858,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Peterson Financial Group Inc. purchased a new stake in Tesla in the third quarter valued at approximately $35,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in Tesla in the fourth quarter valued at approximately $46,000. Parkworth Wealth Management Inc. purchased a new stake in Tesla in the fourth quarter valued at approximately $47,000. PayPay Securities Corp lifted its stake 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 buying an additional 69 shares during the last quarter. Finally, Rialto Wealth Management LLC purchased a new stake in Tesla in the fourth quarter valued at approximately $55,000. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity

In related news, Director James R. Murdoch sold 54,776 shares of the stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now directly owns 477,011 shares in the company, valued at approximately $114,859,478.69. This represents a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Vaibhav Taneja sold 2,672 shares of the stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $268.73, for a total value of $718,046.56. Following the transaction, the chief financial officer now owns 26,950 shares in the company, valued at $7,242,273.50. This trade represents a 9.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 477,228 shares of company stock worth $166,849,043 over the last three months. 20.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TSLA shares. Cowen upgraded Tesla from a “hold” rating to a “buy” rating in a research note on Thursday, March 6th. Evercore ISI boosted their price objective on Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a research note on Friday, January 3rd. Cantor Fitzgerald reiterated a “neutral” rating and issued a $365.00 price objective on shares of Tesla in a research note on Wednesday, January 29th. Wells Fargo & Company dropped their target price on Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a report on Friday. Finally, Barclays boosted their target price on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a report on Wednesday, January 15th. Nine investment analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus price target of $325.65.

Tesla Stock Up 3.9 %

Shares of NASDAQ:TSLA opened at $249.98 on Friday. 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 52-week low of $138.80 and a 52-week high of $488.54. The stock’s fifty day simple moving average is $351.31 and its 200-day simple moving average is $318.74. The company has a market capitalization of $804.06 billion, a P/E ratio of 122.54, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. As a group, equities research analysts forecast 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.