Connective Portfolio Management LLC Takes Position in Tesla, Inc. (NASDAQ:TSLA)

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Connective Portfolio Management LLC acquired a new stake in shares of Tesla, Inc. (NASDAQ:TSLA – Get Rating) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 8,135 shares of the electric vehicle producer’s stock, valued at approximately $1,590,000. Tesla comprises 5.0% of Connective Portfolio Management LLC’s holdings, making the stock its 5th largest position.

A number of other large investors have also made changes to their positions in TSLA. MidWestOne Financial Group Inc. raised its stake in Tesla by 3.3% in the 1st quarter. MidWestOne Financial Group Inc. now owns 472 shares of the electric vehicle producer’s stock worth $509,000 after purchasing an additional 15 shares in the last quarter. Linscomb & Williams Inc. raised its position in shares of Tesla by 3.5% in the 1st quarter. Linscomb & Williams Inc. now owns 1,233 shares of the electric vehicle producer’s stock valued at $1,329,000 after buying an additional 42 shares in the last quarter. Salem Investment Counselors Inc. raised its position in shares of Tesla by 22.3% in the 1st quarter. Salem Investment Counselors Inc. now owns 263 shares of the electric vehicle producer’s stock valued at $283,000 after buying an additional 48 shares in the last quarter. Manchester Financial Inc. raised its position in shares of Tesla by 1.2% in the 4th quarter. Manchester Financial Inc. now owns 4,441 shares of the electric vehicle producer’s stock valued at $547,000 after buying an additional 51 shares in the last quarter. Finally, Pinnacle Financial Partners Inc. raised its position in shares of Tesla by 1.8% in the 4th quarter. Pinnacle Financial Partners Inc. now owns 3,176 shares of the electric vehicle producer’s stock valued at $391,000 after buying an additional 55 shares in the last quarter. Institutional investors and hedge funds own 43.51% of the company’s stock.

Tesla Trading Down 3.0 %

Shares of NASDAQ:TSLA traded down $8.01 during trading on Friday, reaching $256.60. The stock had a trading volume of 177,460,803 shares, compared to its average volume of 147,929,488. The firm’s fifty day moving average is $198.08 and its 200 day moving average is $179.18. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.04 and a current ratio of 1.57. Tesla, Inc. has a 52 week low of $101.81 and a 52 week high of $314.67. The stock has a market cap of $813.29 billion, a price-to-earnings ratio of 75.47, a P/E/G ratio of 3.44 and a beta of 2.00.

Tesla (NASDAQ:TSLA – Get Rating) last released its earnings results on Wednesday, April 19th. The electric vehicle producer reported $0.85 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.85. Tesla had a net margin of 13.66% and a return on equity of 27.29%. The company had revenue of $23.33 billion for the quarter, compared to the consensus estimate of $23.36 billion. During the same quarter in the previous year, the company earned $0.95 EPS. Tesla’s quarterly revenue was up 24.4% compared to the same quarter last year. As a group, equities analysts forecast that Tesla, Inc. will post 3.03 EPS for the current fiscal year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 2,500 shares of the business’s stock in a transaction on Wednesday, June 14th. The shares were sold at an average price of $260.00, for a total transaction of $650,000.00. Following the transaction, the senior vice president now owns 65,438 shares in the company, valued at approximately $17,013,880. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Tesla news, CFO Zachary Kirkhorn sold 3,750 shares of the company’s stock in a transaction on Tuesday, April 4th. The shares were sold at an average price of $197.31, for a total transaction of $739,912.50. Following the transaction, the chief financial officer now owns 199,323 shares in the company, valued at $39,328,421.13. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 2,500 shares of the company’s stock in a transaction on Wednesday, June 14th. The stock was sold at an average price of $260.00, for a total transaction of $650,000.00. Following the transaction, the senior vice president now owns 65,438 shares in the company, valued at approximately $17,013,880. The disclosure for this sale can be found here. Insiders have sold 161,730 shares of company stock worth $32,096,687 in the last quarter. Company insiders own 25.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TSLA. KGI Securities upgraded shares of Tesla from a “neutral” rating to an “outperform” rating in a research report on Monday, June 12th. Canaccord Genuity Group dropped their target price on shares of Tesla from $275.00 to $257.00 and set a “buy” rating for the company in a research report on Thursday, April 20th. JPMorgan Chase & Co. lowered their price objective on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating for the company in a research report on Thursday, April 20th. Piper Sandler lowered their price objective on shares of Tesla from $300.00 to $280.00 in a research report on Tuesday, May 2nd. Finally, DZ Bank cut shares of Tesla from a “buy” rating to a “sell” rating and set a $210.00 price objective for the company. in a research report on Friday. Five investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $206.04.

About Tesla

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Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. It 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, retail merchandise, and vehicle insurance services.