Ridgecrest Wealth Partners LLC Has $1.44 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Ridgecrest Wealth Partners LLC raised its stake in Tesla, Inc. (NASDAQ:TSLA) by 41.6% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 5,507 shares of the electric vehicle producer’s stock after purchasing an additional 1,617 shares during the quarter. Tesla makes up 0.8% of Ridgecrest Wealth Partners LLC’s holdings, making the stock its 27th largest position. Ridgecrest Wealth Partners LLC’s holdings in Tesla were worth $1,441,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Kennebec Savings Bank purchased a new stake in shares of Tesla during the third quarter worth $614,000. Ashton Thomas Securities LLC increased its position in Tesla by 15.5% in the 3rd quarter. Ashton Thomas Securities LLC now owns 12,653 shares of the electric vehicle producer’s stock worth $3,310,000 after purchasing an additional 1,694 shares during the last quarter. Los Angeles Capital Management LLC raised its stake in shares of Tesla by 35.8% during the 3rd quarter. Los Angeles Capital Management LLC now owns 967,440 shares of the electric vehicle producer’s stock worth $253,111,000 after purchasing an additional 254,789 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its holdings in shares of Tesla by 0.3% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 1,056,745 shares of the electric vehicle producer’s stock valued at $276,476,000 after buying an additional 2,893 shares during the last quarter. Finally, Stockman Wealth Management Inc. grew its stake in shares of Tesla by 15.9% in the 3rd quarter. Stockman Wealth Management Inc. now owns 1,875 shares of the electric vehicle producer’s stock valued at $491,000 after buying an additional 257 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

NASDAQ:TSLA opened at $321.22 on Monday. The firm has a market cap of $1.03 trillion, a PE ratio of 88.01, a price-to-earnings-growth ratio of 10.59 and a beta of 2.29. The company’s 50-day moving average price is $241.18 and its two-hundred day moving average price is $215.39. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $328.71.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.14. The firm had revenue of $25.18 billion during the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The business’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm posted $0.53 EPS. On average, equities analysts anticipate that Tesla, Inc. will post 1.96 EPS for the current fiscal year.

Insider Activity

In other Tesla news, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $221.77, for a total transaction of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $250.23, for a total transaction of $15,138,915.00. Following the completion of the sale, the director now owns 1,563,220 shares in the company, valued at $391,164,540.60. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,797 shares of company stock worth $19,211,821. 20.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TSLA has been the subject of a number of analyst reports. Guggenheim lifted their target price on shares of Tesla from $153.00 to $156.00 and gave the company a “sell” rating in a research note on Thursday, October 24th. Canaccord Genuity Group lifted their price objective on shares of Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Citigroup lowered their target price on shares of Tesla from $274.00 to $258.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 24th. Bank of America boosted their price target on Tesla from $265.00 to $350.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, KGI Securities raised Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 price objective on the stock in a report on Thursday, October 24th. Eight equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tesla currently has a consensus rating of “Hold” and an average target price of $222.03.

Tesla Company 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.