HITE Hedge Asset Management LLC Invests $2.21 Million in Tesla, Inc. (NASDAQ:TSLA)

HITE Hedge Asset Management LLC purchased a new stake in shares of Tesla, Inc. (NASDAQ:TSLA) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 8,447 shares of the electric vehicle producer’s stock, valued at approximately $2,210,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Valley Wealth Managers Inc. acquired a new position in shares of Tesla in the 2nd quarter worth approximately $26,000. Abich Financial Wealth Management LLC increased its position in shares of Tesla by 168.8% in the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after buying an additional 81 shares in the last quarter. Transcendent Capital Group LLC bought a new stake in shares of Tesla in the 3rd quarter valued at $29,000. Clean Yield Group boosted its stake in Tesla by 60.0% in the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares during the period. Finally, Peterson Financial Group Inc. acquired a new position in Tesla in the 3rd quarter worth $35,000. 66.20% of the stock is currently owned by institutional investors.

Tesla Trading Up 3.5 %

TSLA opened at $357.09 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 1.84 and a quick ratio of 1.37. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $361.93. The firm has a market capitalization of $1.15 trillion, a PE ratio of 97.83, a P/E/G ratio of 11.21 and a beta of 2.36. The company’s 50-day moving average is $274.55 and its 200 day moving average is $232.59.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.14. The company had revenue of $25.18 billion for the quarter, compared to analyst estimates of $25.47 billion. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The firm’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 EPS. As a group, research analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TSLA has been the subject of a number of recent research reports. Wolfe Research assumed coverage on shares of Tesla in a research note on Thursday, September 5th. They set a “peer perform” rating for the company. Barclays boosted their price objective on shares of Tesla from $220.00 to $235.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $295.00 price target on shares of Tesla in a report on Tuesday, September 10th. StockNews.com raised shares of Tesla from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $280.00 price objective on shares of Tesla in a research note on Tuesday, August 20th. Nine investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $243.75.

Insider Buying and Selling at Tesla

In related news, Director Robyn M. Denholm sold 112,390 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the transaction, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now directly owns 67,491 shares of the company’s stock, valued at approximately $14,967,479.07. This trade represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 301,187 shares of company stock worth $92,956,692. Insiders own 20.70% of the company’s stock.

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.