Tesla, Inc. (NASDAQ:TSLA) Shares Bought by Suvretta Capital Management LLC

Suvretta Capital Management LLC boosted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 43.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 193,842 shares of the electric vehicle producer’s stock after buying an additional 58,929 shares during the quarter. Tesla accounts for approximately 1.6% of Suvretta Capital Management LLC’s portfolio, making the stock its 20th largest holding. Suvretta Capital Management LLC’s holdings in Tesla were worth $50,715,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC acquired a new position in Tesla during the third quarter worth about $29,000. Bank & Trust Co acquired a new position in Tesla during the second quarter worth about $25,000. Clean Yield Group grew its position in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after buying an additional 48 shares during the period. Abich Financial Wealth Management LLC grew its position in Tesla by 168.8% during the second quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock worth $26,000 after buying an additional 81 shares during the period. Finally, Valley Wealth Managers Inc. acquired a new position in Tesla during the second quarter worth about $26,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Canaccord Genuity Group upped their price target on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Wells Fargo & Company upped their price target on shares of Tesla from $120.00 to $125.00 and gave the company an “underweight” rating in a report on Thursday, October 24th. William Blair assumed coverage on shares of Tesla in a report on Thursday, August 29th. They issued an “outperform” rating on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of Tesla in a report on Tuesday, October 8th. Finally, Piper Sandler upped their price target on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Nine research analysts have rated the stock with a sell rating, seventeen have given a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and an average target price of $231.06.

Tesla Price Performance

TSLA opened at $332.89 on Friday. The company has a fifty day simple moving average of $272.41 and a 200 day simple moving average of $230.60. The firm has a market cap of $1.07 trillion, a price-to-earnings ratio of 91.20, a PEG ratio of 10.81 and a beta of 2.29. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $361.93. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The business had revenue of $25.18 billion during the quarter, compared to analyst estimates of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the business earned $0.53 EPS. Equities research analysts expect that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kimbal Musk sold 60,500 shares of the firm’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This represents a 3.73 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 301,187 shares of company stock valued at $92,956,692. Corporate 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.