Cannon Wealth Management Services LLC Raises Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Cannon Wealth Management Services LLC grew its holdings in Tesla, Inc. (NASDAQ:TSLA) by 3.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,116 shares of the electric vehicle producer’s stock after acquiring an additional 139 shares during the period. Tesla comprises about 1.4% of Cannon Wealth Management Services LLC’s investment portfolio, making the stock its 21st biggest position. Cannon Wealth Management Services LLC’s holdings in Tesla were worth $1,579,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in TSLA. Transcendent Capital Group LLC bought a new stake in Tesla in the 3rd quarter valued at $29,000. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in shares of Tesla during the fourth quarter valued at about $46,000. PayPay Securities Corp increased its holdings in shares of Tesla by 130.2% in the fourth quarter. PayPay Securities Corp now owns 122 shares of the electric vehicle producer’s stock worth $49,000 after purchasing an additional 69 shares during the last quarter. Peterson Financial Group Inc. purchased a new stake in shares of Tesla in the third quarter worth about $35,000. Finally, Finley Financial LLC bought a new position in Tesla during the fourth quarter valued at approximately $64,000. Institutional investors own 66.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TSLA shares. Stifel Nicolaus reduced their price objective on Tesla from $492.00 to $474.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. Jefferies Financial Group boosted their price target on shares of Tesla from $195.00 to $300.00 and gave the stock a “hold” rating in a research report on Thursday, November 14th. The Goldman Sachs Group reiterated a “cautious” rating on shares of Tesla in a research report on Monday, February 10th. Canaccord Genuity Group boosted their target price on shares of Tesla from $298.00 to $400.00 and gave the stock a “buy” rating in a report on Friday, January 3rd. Finally, Glj Research reaffirmed a “sell” rating and issued a $24.86 price target on shares of Tesla in a report on Wednesday, February 12th. Ten equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $319.57.

Tesla Trading Down 4.0 %

NASDAQ:TSLA opened at $290.80 on Thursday. The firm has a 50-day simple moving average of $390.99 and a 200-day simple moving average of $315.51. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The firm has a market cap of $935.36 billion, a P/E ratio of 142.55, a P/E/G ratio of 5.86 and a beta of 2.34. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Equities analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Transactions at Tesla

In other Tesla news, Director Kimbal Musk sold 75,000 shares of the business’s stock in a transaction dated Thursday, February 6th. The shares were 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. The trade was a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $354.06, for a total transaction of $39,792,803.40. Following the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $30,095,100. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 523,386 shares of company stock valued at $195,995,200. Corporate insiders own 20.70% of the company’s stock.

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.