Riggs Capital Management LLC Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Riggs Capital Management LLC purchased a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the 4th quarter, Holdings Channel.com reports. The fund purchased 1,152 shares of the electric vehicle producer’s stock, valued at approximately $465,000.

Several other institutional investors also recently bought and sold shares of the stock. B. Metzler seel. Sohn & Co. AG boosted its stake in Tesla by 11.4% during the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 187,434 shares of the electric vehicle producer’s stock worth $76,199,000 after acquiring an additional 19,182 shares in the last quarter. Seven Mile Advisory lifted its stake in shares of Tesla by 17.1% in the 4th quarter. Seven Mile Advisory now owns 4,137 shares of the electric vehicle producer’s stock worth $1,671,000 after purchasing an additional 604 shares during the period. Summit Financial LLC grew its position in shares of Tesla by 1.7% during the 4th quarter. Summit Financial LLC now owns 26,195 shares of the electric vehicle producer’s stock valued at $10,579,000 after acquiring an additional 450 shares during the period. Alliancebernstein L.P. raised its stake in shares of Tesla by 2.1% in the fourth quarter. Alliancebernstein L.P. now owns 3,197,299 shares of the electric vehicle producer’s stock worth $1,291,197,000 after buying an additional 64,674 shares during the period. Finally, C M Bidwell & Associates Ltd. lifted its holdings in Tesla by 9,523.1% during the fourth quarter. C M Bidwell & Associates Ltd. now owns 1,251 shares of the electric vehicle producer’s stock valued at $505,000 after purchasing an additional 1,238 shares in the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Down 3.5 %

Shares of NASDAQ TSLA opened at $263.55 on Monday. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $321.33 and a 200 day moving average of $323.01. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The stock has a market cap of $847.71 billion, a PE ratio of 129.19, a P/E/G ratio of 5.86 and a beta of 2.50.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results 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 net margin of 7.26% and a return on equity of 10.31%. As a group, sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Kathleen Wilson-Thompson sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $411.63, for a total value of $41,163,000.00. Following the transaction, the director now directly owns 5,400 shares in the company, valued at approximately $2,222,802. This represents a 94.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $413.56, for a total value 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 approximately $45,063,565.40. This trade represents a 6.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,228 shares of company stock valued at $166,849,043 in the last three months. 20.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on TSLA shares. Morgan Stanley reduced their target price on Tesla from $430.00 to $410.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. HSBC reduced their price target on shares of Tesla from $165.00 to $130.00 and set a “reduce” rating on the stock in a research note on Thursday. Canaccord Genuity Group reissued a “buy” rating and set a $404.00 price target on shares of Tesla in a research report on Monday, March 17th. Deutsche Bank Aktiengesellschaft dropped their target price on Tesla from $420.00 to $345.00 and set a “buy” rating on the stock in a research report on Friday. Finally, Bank of America lowered their target price on shares of Tesla from $490.00 to $380.00 and set a “neutral” rating for the company in a research note on Tuesday, March 4th. Nine investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $318.34.

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.