Parallel Advisors LLC Boosts Position in Tesla, Inc. (NASDAQ:TSLA)

Parallel Advisors LLC grew its holdings in Tesla, Inc. (NASDAQ:TSLA) by 12.9% during the 4th quarter, Holdings Channel reports. The fund owned 65,290 shares of the electric vehicle producer’s stock after purchasing an additional 7,439 shares during the period. Tesla makes up about 0.6% of Parallel Advisors LLC’s holdings, making the stock its 25th largest holding. Parallel Advisors LLC’s holdings in Tesla were worth $26,367,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. SouthState Corp boosted its holdings in Tesla by 4.3% in the fourth quarter. SouthState Corp now owns 3,118 shares of the electric vehicle producer’s stock valued at $1,259,000 after purchasing an additional 129 shares during the last quarter. Gold Investment Management Ltd. boosted its stake in shares of Tesla by 90.5% in the fourth quarter. Gold Investment Management Ltd. now owns 13,000 shares of the electric vehicle producer’s stock worth $5,250,000 after buying an additional 6,176 shares during the last quarter. Rockport Wealth LLC acquired a new stake in Tesla during the fourth quarter worth about $244,000. RS Crum Inc. raised its position in Tesla by 4.3% during the fourth quarter. RS Crum Inc. now owns 1,352 shares of the electric vehicle producer’s stock valued at $546,000 after acquiring an additional 56 shares in the last quarter. Finally, SlateStone Wealth LLC lifted its holdings in Tesla by 36.3% in the fourth quarter. SlateStone Wealth LLC now owns 2,307 shares of the electric vehicle producer’s stock valued at $932,000 after acquiring an additional 614 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Activity at Tesla

In related news, CFO Vaibhav Taneja sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $413.56, for a total transaction of $2,894,920.00. Following the sale, the chief financial officer now directly owns 108,965 shares of the company’s stock, valued at $45,063,565.40. This represents a 6.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James R. Murdoch sold 54,776 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total value of $13,189,513.04. Following the sale, the director now directly owns 477,011 shares in the company, valued at $114,859,478.69. This represents a 10.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 477,228 shares of company stock worth $166,849,043. Insiders own 20.70% of the company’s stock.

Tesla Price Performance

NASDAQ:TSLA opened at $249.98 on Monday. The company has a market capitalization of $804.06 billion, a P/E ratio of 122.54, a P/E/G ratio of 5.86 and a beta of 2.50. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $488.54. The stock’s fifty day moving average is $351.31 and its two-hundred day moving average is $320.31.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a net margin of 7.26% and a return on equity of 10.31%. Equities analysts expect that Tesla, Inc. will post 2.56 EPS for the current year.

Analyst Upgrades and Downgrades

TSLA has been the subject of several recent research reports. JPMorgan Chase & Co. cut their target price on shares of Tesla from $135.00 to $120.00 and set an “underweight” rating for the company in a report on Wednesday, March 12th. Bank of America decreased their price objective on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research report on Tuesday, March 4th. Morgan Stanley restated a “top pick” rating and set a $430.00 target price on shares of Tesla in a research report on Monday, March 3rd. Wells Fargo & Company reduced their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating for the company in a report on Friday. Finally, Roth Capital raised Tesla from a “hold” rating to a “strong-buy” rating in a report on Monday, December 2nd. Nine analysts have rated the stock with a sell rating, ten have issued a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $325.65.

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.