Manhattan West Asset Management LLC Cuts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Manhattan West Asset Management LLC decreased its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 44.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 914 shares of the electric vehicle producer’s stock after selling 737 shares during the quarter. Manhattan West Asset Management LLC’s holdings in Tesla were worth $369,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Hengehold Capital Management LLC grew its position in Tesla by 1.8% during the 4th quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer’s stock valued at $544,000 after purchasing an additional 24 shares during the last quarter. Strategic Investment Advisors MI raised its holdings 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 acquiring an additional 24 shares during the last quarter. Acropolis Investment Management LLC increased its holdings in shares of Tesla by 0.9% in the 4th quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer’s stock worth $1,136,000 after purchasing an additional 25 shares in the last quarter. Mount Vernon Associates Inc. MD raised its stake in shares of 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 last quarter. Finally, Vista Finance LLC boosted its position in shares of 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 owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on TSLA shares. Wedbush lowered their target price on shares of Tesla from $550.00 to $315.00 and set an “outperform” rating on the stock in a research note on Monday, April 7th. Truist Financial cut their price objective on shares of Tesla from $373.00 to $280.00 and set a “hold” rating for the company in a research report on Thursday, April 3rd. Evercore ISI lifted their target price on Tesla from $195.00 to $275.00 and gave the company an “in-line” rating in a research report on Friday, January 3rd. Deutsche Bank Aktiengesellschaft decreased their price objective on Tesla from $420.00 to $345.00 and set a “buy” rating on the stock in a research note on Friday, March 28th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Monday, February 10th. Eight equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $298.59.

Insider Buying and Selling at Tesla

In related news, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction dated 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 completion of the sale, the director now owns 477,011 shares in the company, valued at $114,859,478.69. This trade represents a 10.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kimbal Musk sold 75,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total value of $27,590,250.00. Following the completion of the transaction, the director now directly owns 1,463,220 shares in the company, valued at approximately $538,274,741.40. This trade represents a 4.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 374,228 shares of company stock worth $123,791,123 over the last 90 days. Company insiders own 20.70% of the company’s stock.

Tesla Stock Performance

NASDAQ:TSLA opened at $251.96 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. The stock’s fifty day moving average is $285.19 and its 200 day moving average is $323.09. The firm has a market capitalization of $810.42 billion, a PE ratio of 123.51, a PEG ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54.

Tesla (NASDAQ:TSLA) last released its earnings results 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 return on equity of 10.31% and a net margin of 7.26%. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Tesla 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.