Covenant Asset Management LLC Purchases 918 Shares of Tesla, Inc. (NASDAQ:TSLA)

Covenant Asset Management LLC raised its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 71.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 2,206 shares of the electric vehicle producer’s stock after purchasing an additional 918 shares during the quarter. Covenant Asset Management LLC’s holdings in Tesla were worth $891,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in TSLA. Geode Capital Management LLC grew its stake in shares of Tesla by 1.8% in the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer’s stock worth $15,469,792,000 after purchasing an additional 1,022,589 shares during the last quarter. FMR LLC increased its stake in shares of Tesla by 3.5% during the third quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer’s stock valued at $6,473,008,000 after buying an additional 828,308 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tesla by 13.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer’s stock worth $6,377,970,000 after acquiring an additional 2,946,763 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Tesla by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer’s stock valued at $4,328,884,000 after acquiring an additional 301,968 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Tesla by 11.9% during the 3rd quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock valued at $3,192,203,000 after purchasing an additional 1,294,093 shares during the period. Institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TSLA. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Tesla from $295.00 to $370.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Benchmark initiated coverage on Tesla in a research report on Wednesday, February 12th. They set a “buy” rating and a $475.00 price objective on the stock. KGI Securities upgraded Tesla from a “neutral” rating to an “outperform” rating and set a $276.00 target price for the company in a research note on Thursday, October 24th. Canaccord Genuity Group upped their price target on Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Finally, StockNews.com lowered Tesla from a “hold” rating to a “sell” rating in a research report on Friday, January 31st. Nine equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $326.50.

Tesla Trading Down 0.5 %

Shares of TSLA stock opened at $354.11 on Wednesday. Tesla, Inc. has a 1 year low of $138.80 and a 1 year high of $488.54. The firm has a fifty day moving average price of $405.64 and a 200-day moving average price of $309.75. The company has a market cap of $1.14 trillion, a price-to-earnings ratio of 173.58, a PEG ratio of 6.22 and a beta of 2.34. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing the consensus estimate of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. As a group, equities analysts predict that Tesla, Inc. will post 2.54 earnings per share for the current year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 7,000 shares of Tesla stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $354.43, for a total transaction of $2,481,010.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at approximately $37,226,491.76. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total value of $35,254,000.00. Following the sale, the director now directly owns 5,400 shares in the company, valued at approximately $1,903,716. This represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 523,386 shares of company stock valued at $195,995,200 over the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

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.