Hurley Capital LLC Takes $578,000 Position in Tesla, Inc. (NASDAQ:TSLA)

Hurley Capital LLC bought a new position in Tesla, Inc. (NASDAQ:TSLA) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,393 shares of the electric vehicle producer’s stock, valued at approximately $578,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in Tesla by 9.5% in the fourth quarter. Envestnet Asset Management Inc. now owns 1,210,664 shares of the electric vehicle producer’s stock worth $488,914,000 after buying an additional 105,371 shares during the period. Aviva PLC increased its stake in shares of Tesla by 2.0% during the fourth quarter. Aviva PLC now owns 1,738,060 shares of the electric vehicle producer’s stock valued at $701,898,000 after acquiring an additional 34,553 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Tesla in the 4th quarter worth $2,201,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Tesla in the 4th quarter valued at about $11,372,000. Finally, Resona Asset Management Co. Ltd. bought a new stake in Tesla during the fourth quarter worth approximately $358,201,000. Institutional investors and hedge funds own 66.20% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Vaibhav Taneja sold 7,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were 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 in the company, valued at approximately $45,063,565.40. This trade represents a 6.04 % decrease in their position. The transaction 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 stock in a transaction that occurred on 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 $114,859,478.69. The trade was a 10.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 477,228 shares of company stock worth $166,849,043 in the last three months. Corporate insiders own 20.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Royal Bank of Canada reduced their target price on Tesla from $440.00 to $320.00 and set an “outperform” rating for the company in a report on Tuesday, March 18th. Glj Research reiterated a “buy” rating on shares of Tesla in a research note on Tuesday, March 11th. Robert W. Baird dropped their target price on shares of Tesla from $440.00 to $370.00 and set an “outperform” rating on the stock in a report on Thursday, March 6th. Bank of America cut 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. Finally, Barclays boosted their price objective on Tesla from $270.00 to $325.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 15th. Eight equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $312.65.

Tesla Stock Performance

TSLA opened at $239.43 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61. The company has a 50 day simple moving average of $305.98 and a two-hundred day simple moving average of $322.90. The firm has a market cap of $770.13 billion, a P/E ratio of 117.37, a PEG ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share 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%. Equities analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

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.