Granite Bay Wealth Management LLC Purchases 37,692 Shares of Tesla, Inc. (NASDAQ:TSLA)

Granite Bay Wealth Management LLC boosted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 47.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,733 shares of the electric vehicle producer’s stock after acquiring an additional 37,692 shares during the quarter. Granite Bay Wealth Management LLC’s holdings in Tesla were worth $28,006,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in TSLA. Norges Bank purchased a new position in shares of Tesla in the 4th quarter worth $3,459,540,000. Moneta Group Investment Advisors LLC boosted its position in Tesla by 180,125.4% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 26,851,778 shares of the electric vehicle producer’s stock worth $3,307,602,000 after purchasing an additional 26,836,879 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Tesla by 203.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 20,208,699 shares of the electric vehicle producer’s stock valued at $5,360,358,000 after purchasing an additional 13,558,882 shares during the period. International Assets Investment Management LLC increased its position in shares of Tesla by 25,990.7% during the 4th quarter. International Assets Investment Management LLC now owns 6,202,806 shares of the electric vehicle producer’s stock valued at $1,541,273,000 after purchasing an additional 6,179,032 shares during the last quarter. Finally, Morgan Stanley lifted its stake in shares of Tesla by 26.3% in the 4th quarter. Morgan Stanley now owns 25,427,168 shares of the electric vehicle producer’s stock worth $3,132,119,000 after purchasing an additional 5,292,464 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TSLA shares. Canaccord Genuity Group cut their price objective on shares of Tesla from $267.00 to $234.00 and set a “buy” rating for the company in a research report on Thursday, January 25th. Guggenheim lifted their price objective on Tesla from $125.00 to $132.00 and gave the company a “sell” rating in a research report on Friday, December 15th. Daiwa Capital Markets lowered shares of Tesla from an “outperform” rating to a “neutral” rating and reduced their target price for the stock from $245.00 to $195.00 in a report on Tuesday, February 6th. KGI Securities reaffirmed a “neutral” rating and set a $213.00 price target (down previously from $309.00) on shares of Tesla in a report on Thursday, January 25th. Finally, Robert W. Baird reduced their price objective on shares of Tesla from $300.00 to $280.00 and set an “outperform” rating for the company in a research note on Tuesday, April 2nd. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $198.81.

Tesla Trading Down 2.0 %

Shares of TSLA traded down $3.55 during mid-day trading on Friday, reaching $171.05. 64,722,669 shares of the company’s stock traded hands, compared to its average volume of 89,814,936. Tesla, Inc. has a 12 month low of $152.37 and a 12 month high of $299.29. The company has a debt-to-equity ratio of 0.05, a current ratio of 1.73 and a quick ratio of 1.25. The stock has a market cap of $544.76 billion, a P/E ratio of 39.69, a P/E/G ratio of 4.49 and a beta of 2.39. The stock’s 50-day moving average is $181.83 and its two-hundred day moving average is $214.69.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, January 24th. The electric vehicle producer reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). The business had revenue of $25.17 billion during the quarter, compared to analysts’ expectations of $25.64 billion. Tesla had a return on equity of 16.62% and a net margin of 15.50%. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 EPS. Research analysts forecast that Tesla, Inc. will post 2.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 93,705 shares of Tesla stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $2,631,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $204.17, for a total transaction of $2,143,785.00. Following the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $6,376,229.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 93,705 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $175.44, for a total transaction of $16,439,605.20. Following the sale, the director now directly owns 15,000 shares in the company, valued at approximately $2,631,600. The disclosure for this sale can be found here. Insiders have sold 209,098 shares of company stock worth $38,802,534 in the last three months. Corporate insiders own 25.10% of the company’s stock.

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.