Ridgecrest Wealth Partners LLC Has $1.83 Million Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Ridgecrest Wealth Partners LLC reduced its holdings in Tesla, Inc. (NASDAQ:TSLA) by 17.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,519 shares of the electric vehicle producer’s stock after selling 988 shares during the quarter. Tesla comprises 1.0% of Ridgecrest Wealth Partners LLC’s holdings, making the stock its 20th largest holding. Ridgecrest Wealth Partners LLC’s holdings in Tesla were worth $1,825,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Quarry LP bought a new position in Tesla in the second quarter worth approximately $48,000. Cim LLC bought a new position in shares of Tesla in the 2nd quarter worth $292,000. Heritage Wealth Management Inc. acquired a new stake in Tesla in the 2nd quarter valued at $269,000. Centaurus Financial Inc. raised its holdings in Tesla by 41.0% during the second quarter. Centaurus Financial Inc. now owns 23,470 shares of the electric vehicle producer’s stock worth $4,644,000 after buying an additional 6,823 shares during the last quarter. Finally, Ashburton Jersey Ltd bought a new position in shares of Tesla in the second quarter valued at $63,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TSLA. New Street Research upgraded Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price target for the company in a research note on Monday, January 6th. Deutsche Bank Aktiengesellschaft upped their price target on Tesla from $295.00 to $370.00 and gave the stock a “buy” rating in a report on Monday, December 9th. The Goldman Sachs Group raised their price objective on Tesla from $250.00 to $345.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Sanford C. Bernstein reiterated an “underperform” rating and issued a $120.00 target price on shares of Tesla in a report on Thursday, October 3rd. Finally, Evercore ISI boosted their price target on shares of Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a report on Friday, January 3rd. Eight research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $318.31.

Tesla Price Performance

TSLA stock opened at $400.28 on Friday. The firm has a 50 day moving average of $401.98 and a 200-day moving average of $297.28. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.28 trillion, a P/E ratio of 109.67, a price-to-earnings-growth ratio of 8.42 and a beta of 2.30. Tesla, Inc. has a 12 month low of $138.80 and a 12 month high of $488.54.

Tesla (NASDAQ:TSLA) last released its quarterly 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 13.07% and a return on equity of 10.24%. As a group, sell-side analysts predict that Tesla, Inc. will post 2.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $350.00, for a total value of $1,400,000.00. Following the sale, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $36,761,200. This trade represents a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of Tesla stock in a transaction on Monday, November 11th. The stock was sold at an average price of $346.02, for a total transaction of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares of the company’s stock, valued at $1,868,508. This represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 553,386 shares of company stock valued at $196,305,796 in the last 90 days. Corporate insiders own 20.70% of the company’s stock.

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.