Gateway Investment Advisers LLC Cuts Stake in Tesla, Inc. (NASDAQ:TSLA)

Gateway Investment Advisers LLC reduced its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 507,672 shares of the electric vehicle producer’s stock after selling 12,767 shares during the period. Tesla comprises about 2.3% of Gateway Investment Advisers LLC’s portfolio, making the stock its 8th largest holding. Gateway Investment Advisers LLC’s holdings in Tesla were worth $205,018,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Towerpoint Wealth LLC acquired a new position in Tesla during the fourth quarter worth $337,000. Sanders Morris Harris LLC increased its position in shares of Tesla by 63.7% during the fourth quarter. Sanders Morris Harris LLC now owns 2,930 shares of the electric vehicle producer’s stock worth $1,264,000 after acquiring an additional 1,140 shares in the last quarter. BFI Infinity Ltd. acquired a new stake in shares of Tesla in the 4th quarter worth about $242,000. Guardian Financial Partners LLC bought a new position in Tesla in the 4th quarter valued at about $664,000. Finally, Hennion & Walsh Asset Management Inc. increased its holdings in Tesla by 6.6% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 4,440 shares of the electric vehicle producer’s stock worth $1,793,000 after purchasing an additional 274 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.

Tesla Price Performance

Shares of NASDAQ:TSLA opened at $426.50 on Friday. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The stock has a market cap of $1.37 trillion, a P/E ratio of 116.85, a P/E/G ratio of 6.53 and a beta of 2.30. The company has a 50 day moving average of $387.84 and a 200 day moving average of $286.58.

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, topping the consensus estimate of $0.58 by $0.14. The firm had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share. As a group, sell-side analysts forecast that Tesla, Inc. will post 1.99 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of recent research reports. New Street Research upgraded Tesla from a “neutral” rating to a “buy” rating and set a $460.00 target price on the stock in a report on Monday, January 6th. Evercore ISI lifted their price objective on shares of Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a report on Friday, January 3rd. Piper Sandler increased their target price on shares of Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Royal Bank of Canada boosted their price target on shares of Tesla from $249.00 to $313.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Finally, Mizuho raised shares of Tesla from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $230.00 to $515.00 in a research report on Tuesday, December 17th. Nine equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $299.33.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,442,856.32. This trade represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kimbal Musk sold 60,500 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 1,563,220 shares of the company’s stock, valued at approximately $391,164,540.60. This represents a 3.73 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 621,886 shares of company stock valued at $213,451,751 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

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.