Tesla, Inc. (NASDAQ:TSLA) Stake Boosted by SouthState Corp

SouthState Corp increased its stake in Tesla, Inc. (NASDAQ:TSLA) by 4.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,118 shares of the electric vehicle producer’s stock after purchasing an additional 129 shares during the period. SouthState Corp’s holdings in Tesla were worth $1,259,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Gold Investment Management Ltd. boosted its holdings in shares of Tesla by 90.5% during the fourth quarter. Gold Investment Management Ltd. now owns 13,000 shares of the electric vehicle producer’s stock valued at $5,250,000 after acquiring an additional 6,176 shares during the period. Rockport Wealth LLC bought a new position in Tesla in the 4th quarter worth about $244,000. RS Crum Inc. increased its stake in shares of Tesla by 4.3% in the fourth quarter. RS Crum Inc. now owns 1,352 shares of the electric vehicle producer’s stock valued at $546,000 after purchasing an additional 56 shares during the period. SlateStone Wealth LLC boosted its position in shares of Tesla by 36.3% during the fourth quarter. SlateStone Wealth LLC now owns 2,307 shares of the electric vehicle producer’s stock worth $932,000 after buying an additional 614 shares during the period. Finally, First National Advisers LLC bought a new position in Tesla in the 4th quarter worth approximately $2,882,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Tesla Price Performance

Shares of TSLA stock opened at $238.01 on Tuesday. The company has a market capitalization of $765.56 billion, a P/E ratio of 116.67, a P/E/G ratio of 5.86 and a beta of 2.50. The company has a current ratio of 2.02, a quick ratio of 1.61 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 $488.54. The stock has a 50 day moving average of $347.85 and a two-hundred day moving average of $320.53.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 expect that Tesla, Inc. will post 2.56 EPS for the current year.

Insider Transactions at Tesla

In other Tesla news, Director James R. Murdoch sold 54,776 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the sale, the director now directly owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. This represents a 10.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 2,672 shares of Tesla stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total transaction of $718,046.56. Following the completion of the transaction, the chief financial officer now owns 26,950 shares of the company’s stock, valued at $7,242,273.50. This trade represents a 9.02 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 477,228 shares of company stock valued at $166,849,043. 20.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company lowered their price target on Tesla from $135.00 to $130.00 and set an “underweight” rating on the stock in a report on Friday. Wedbush restated an “outperform” rating and set a $550.00 price target on shares of Tesla in a research report on Friday, March 7th. Glj Research reiterated a “buy” rating on shares of Tesla in a research note on Tuesday, March 11th. Morgan Stanley restated a “top pick” rating and issued a $430.00 target price on shares of Tesla in a research report on Monday, March 3rd. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $404.00 price objective on shares of Tesla in a research note on Monday. Nine investment analysts have rated the stock with a sell rating, ten have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $323.00.

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.