Congress Asset Management Co. MA Sells 62,299 Shares of Tesla, Inc. (NASDAQ:TSLA)

Congress Asset Management Co. MA trimmed its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 15.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 351,533 shares of the electric vehicle producer’s stock after selling 62,299 shares during the period. Congress Asset Management Co. MA’s holdings in Tesla were worth $87,349,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Richardson Financial Services Inc. acquired a new stake in shares of Tesla during the 4th quarter worth about $392,000. Fortis Group Advisors LLC increased its position in shares of Tesla by 28.6% during the 4th quarter. Fortis Group Advisors LLC now owns 3,384 shares of the electric vehicle producer’s stock worth $841,000 after purchasing an additional 753 shares in the last quarter. Vima LLC acquired a new stake in shares of Tesla during the 4th quarter worth about $108,000. A.P. Gilfoyle & Co. L.P. acquired a new stake in shares of Tesla during the 4th quarter worth about $50,000. Finally, Royal London Asset Management Ltd. increased its position in shares of Tesla by 1.8% during the 4th quarter. Royal London Asset Management Ltd. now owns 1,235,377 shares of the electric vehicle producer’s stock worth $306,966,000 after purchasing an additional 21,312 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Bank of America upgraded shares of Tesla from a “neutral” rating to a “buy” rating and set a $220.00 price objective for the company in a research report on Wednesday, April 24th. The Goldman Sachs Group restated a “neutral” rating and issued a $175.00 price objective on shares of Tesla in a research report on Friday. JPMorgan Chase & Co. lowered their price objective on shares of Tesla from $130.00 to $115.00 and set an “underweight” rating for the company in a research report on Wednesday, April 3rd. Cantor Fitzgerald restated an “overweight” rating and issued a $230.00 price objective on shares of Tesla in a research report on Wednesday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 target price on shares of Tesla in a research note on Monday, April 22nd. Eight equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tesla has a consensus rating of “Hold” and an average target price of $185.90.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Andrew D. Baglino sold 10,500 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $176.20, for a total value of $1,850,100.00. Following the transaction, the senior vice president now directly owns 31,230 shares in the company, valued at $5,502,726. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Robyn M. Denholm sold 93,705 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $184.86, for a total value of $17,322,306.30. Following the completion of the sale, the director now owns 15,000 shares of the company’s stock, valued at $2,772,900. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Andrew D. Baglino sold 10,500 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $176.20, for a total transaction of $1,850,100.00. Following the completion of the sale, the senior vice president now directly owns 31,230 shares of the company’s stock, valued at approximately $5,502,726. The disclosure for this sale can be found here. Insiders have sold a total of 104,855 shares of company stock worth $19,285,643 over the last ninety days. Insiders own 25.10% of the company’s stock.

Tesla Stock Down 2.4 %

Shares of NASDAQ TSLA traded down $4.46 during midday trading on Friday, reaching $178.01. The company’s stock had a trading volume of 82,038,194 shares, compared to its average volume of 68,882,416. The stock has a market capitalization of $567.71 billion, a price-to-earnings ratio of 45.41, a PEG ratio of 4.41 and a beta of 2.32. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $299.29. The stock has a 50 day simple moving average of $172.90 and a 200-day simple moving average of $194.98. The company has a current ratio of 1.72, a quick ratio of 1.17 and a debt-to-equity ratio of 0.04.

Tesla (NASDAQ:TSLA) last issued its earnings results on Tuesday, April 23rd. The electric vehicle producer reported $0.35 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.35. The business had revenue of $21.30 billion for the quarter, compared to the consensus estimate of $22.15 billion. Tesla had a net margin of 14.37% and a return on equity of 13.18%. Equities research analysts predict that Tesla, Inc. will post 1.87 earnings per share for the current year.

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.