Convergence Investment Partners LLC Sells 1,646 Shares of Tesla, Inc. (NASDAQ:TSLA)

Convergence Investment Partners LLC reduced its position in Tesla, Inc. (NASDAQ:TSLA) by 29.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,956 shares of the electric vehicle producer’s stock after selling 1,646 shares during the quarter. Convergence Investment Partners LLC’s holdings in Tesla were worth $983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Wyrmwood Management LLC bought a new position in Tesla during the fourth quarter valued at $25,000. Lam Group Inc. purchased a new position in shares of Tesla in the 4th quarter valued at approximately $25,000. Mendota Financial Group LLC raised its position in shares of Tesla by 202.2% in the 4th quarter. Mendota Financial Group LLC now owns 136 shares of the electric vehicle producer’s stock valued at $34,000 after purchasing an additional 91 shares during the last quarter. Kathleen S. Wright Associates Inc. raised its position in shares of Tesla by 111.1% in the 4th quarter. Kathleen S. Wright Associates Inc. now owns 190 shares of the electric vehicle producer’s stock valued at $47,000 after purchasing an additional 100 shares during the last quarter. Finally, Cordant Inc. purchased a new position in Tesla during the 3rd quarter worth approximately $53,000. 66.20% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TSLA shares. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Tesla from $123.00 to $136.00 and gave the stock a “hold” rating in a research note on Thursday. KGI Securities reissued a “neutral” rating and issued a $213.00 price target (down previously from $309.00) on shares of Tesla in a research note on Thursday, January 25th. Canaccord Genuity Group decreased their price objective on Tesla from $234.00 to $222.00 and set a “buy” rating on the stock in a report on Wednesday. China Renaissance started coverage on Tesla in a report on Monday, February 26th. They issued a “hold” rating on the stock. Finally, Roth Mkm restated a “neutral” rating and issued a $85.00 price objective on shares of Tesla in a report on Wednesday. Eight investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Tesla currently has a consensus rating of “Hold” and a consensus price target of $186.70.

Tesla Trading Down 1.1 %

NASDAQ TSLA traded down $1.89 during trading on Friday, hitting $168.29. The stock had a trading volume of 109,309,500 shares, compared to its average volume of 100,050,800. The company has a market capitalization of $536.71 billion, a PE ratio of 42.93, a PEG ratio of 4.45 and a beta of 2.39. The company has a quick ratio of 1.25, a current ratio of 1.72 and a debt-to-equity ratio of 0.04. The firm has a 50 day moving average price of $175.04 and a 200 day moving average price of $207.61. Tesla, Inc. has a twelve month low of $138.80 and a twelve month high of $299.29.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data on Wednesday, January 24th. The electric vehicle producer reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.03). Tesla had a return on equity of 13.18% and a net margin of 14.37%. The company had revenue of $25.17 billion for the quarter, compared to analyst estimates of $25.64 billion. During the same period in the prior year, the firm posted $1.07 earnings per share. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. As a group, equities research analysts forecast that Tesla, Inc. will post 1.97 earnings per share for the current year.

Insider Buying and Selling at Tesla

In other news, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total transaction of $121,674.57. Following the completion of the sale, the senior vice president now owns 63,171 shares in the company, valued at $11,188,215.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Tesla news, SVP Xiaotong Zhu sold 687 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $177.11, for a total value of $121,674.57. Following the sale, the senior vice president now owns 63,171 shares of the company’s stock, valued at $11,188,215.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrew D. Baglino sold 10,500 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $204.17, for a total value of $2,143,785.00. Following the sale, the senior vice president now directly owns 31,230 shares in the company, valued at approximately $6,376,229.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 209,098 shares of company stock worth $38,802,534. 25.10% of the stock is owned by insiders.

Tesla Company 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.