Pinebridge Investments L.P. Has $157.01 Million Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Pinebridge Investments L.P. increased its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 4.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 388,796 shares of the electric vehicle producer’s stock after acquiring an additional 15,196 shares during the quarter. Tesla makes up 1.2% of Pinebridge Investments L.P.’s portfolio, making the stock its 12th biggest position. Pinebridge Investments L.P.’s holdings in Tesla were worth $157,011,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Destination Wealth Management lifted its holdings in shares of Tesla by 12.1% during the 3rd quarter. Destination Wealth Management now owns 12,597 shares of the electric vehicle producer’s stock valued at $3,296,000 after purchasing an additional 1,359 shares in the last quarter. Stephens Consulting LLC boosted its holdings in shares of Tesla by 126.7% in the fourth quarter. Stephens Consulting LLC now owns 1,594 shares of the electric vehicle producer’s stock valued at $644,000 after buying an additional 891 shares during the period. Worth Asset Management LLC boosted its holdings in shares of Tesla by 383.1% in the fourth quarter. Worth Asset Management LLC now owns 8,314 shares of the electric vehicle producer’s stock valued at $3,358,000 after buying an additional 6,593 shares during the period. Strategic Family Wealth Counselors L.L.C. increased its position in shares of Tesla by 133.7% during the fourth quarter. Strategic Family Wealth Counselors L.L.C. now owns 2,847 shares of the electric vehicle producer’s stock worth $1,150,000 after acquiring an additional 1,629 shares in the last quarter. Finally, Ameritas Advisory Services LLC lifted its position in Tesla by 104.9% in the 4th quarter. Ameritas Advisory Services LLC now owns 57,553 shares of the electric vehicle producer’s stock valued at $23,242,000 after acquiring an additional 29,458 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Tesla Stock Performance

NASDAQ:TSLA opened at $237.97 on Wednesday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The stock has a 50 day simple moving average of $269.39 and a 200 day simple moving average of $322.54. Tesla, Inc. has a 1-year low of $141.11 and a 1-year high of $488.54. The stock has a market cap of $765.43 billion, a P/E ratio of 116.65, a PEG ratio of 5.86 and a beta of 2.58.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). Tesla had a net margin of 7.26% and a return on equity of 10.31%. The business had revenue of $19.34 billion during the quarter, compared to the consensus estimate of $22.93 billion. During the same period in the previous year, the firm posted $0.45 EPS. Research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director James R. Murdoch sold 54,776 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the completion of the sale, the director now directly owns 477,011 shares in the company, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $383.11, for a total value of $2,681,770.00. Following the transaction, the chief financial officer now owns 108,965 shares in the company, valued at approximately $41,745,581.15. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 374,228 shares of company stock worth $123,791,123 in the last quarter. Corporate insiders own 20.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on TSLA. Piper Sandler reaffirmed an “overweight” rating on shares of Tesla in a research note on Tuesday. Mizuho reduced their price objective on Tesla from $430.00 to $375.00 and set an “outperform” rating for the company in a research report on Thursday, April 10th. Benchmark dropped their target price on Tesla from $475.00 to $350.00 and set a “buy” rating on the stock in a research report on Wednesday, April 9th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Tesla in a research report on Tuesday. Finally, Bank of America lowered their price objective on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating on the stock in a report on Tuesday, March 4th. Ten 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $290.66.

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.