Convergence Financial LLC Buys 15,701 Shares of Tesla, Inc. (NASDAQ:TSLA)

Convergence Financial LLC lifted its stake in Tesla, Inc. (NASDAQ:TSLA) by 119.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,865 shares of the electric vehicle producer’s stock after acquiring an additional 15,701 shares during the period. Tesla accounts for 2.3% of Convergence Financial LLC’s portfolio, making the stock its 13th largest position. Convergence Financial LLC’s holdings in Tesla were worth $11,657,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Hengehold Capital Management LLC raised its position in shares of Tesla by 1.8% in the 4th quarter. Hengehold Capital Management LLC now owns 1,347 shares of the electric vehicle producer’s stock worth $544,000 after acquiring an additional 24 shares in the last quarter. Strategic Investment Advisors MI raised its position in shares of Tesla by 0.3% in the 4th quarter. Strategic Investment Advisors MI now owns 6,990 shares of the electric vehicle producer’s stock worth $2,823,000 after acquiring an additional 24 shares in the last quarter. Acropolis Investment Management LLC raised its position in shares of Tesla by 0.9% in the 4th quarter. Acropolis Investment Management LLC now owns 2,814 shares of the electric vehicle producer’s stock worth $1,136,000 after acquiring an additional 25 shares in the last quarter. Mount Vernon Associates Inc. MD raised its position in shares of Tesla by 0.3% in the 4th quarter. Mount Vernon Associates Inc. MD now owns 7,305 shares of the electric vehicle producer’s stock worth $2,950,000 after acquiring an additional 25 shares in the last quarter. Finally, Vista Finance LLC raised its position in shares of Tesla by 0.7% in the 4th quarter. Vista Finance LLC now owns 3,510 shares of the electric vehicle producer’s stock worth $1,417,000 after acquiring an additional 25 shares in the last quarter. 66.20% of the stock is owned by institutional investors.

Insider Buying and Selling at Tesla

In other Tesla news, Director Kimbal Musk sold 75,000 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $367.87, for a total transaction of $27,590,250.00. Following the completion of the transaction, the director now owns 1,463,220 shares of the company’s stock, valued at $538,274,741.40. This represents a 4.88 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $352.54, for a total value of $35,254,000.00. Following the transaction, the director now directly owns 5,400 shares of the company’s stock, valued at $1,903,716. The trade was a 94.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 523,386 shares of company stock valued at $195,995,200 over the last quarter. 20.70% of the stock is currently owned by insiders.

Tesla Stock Performance

Shares of TSLA stock opened at $293.33 on Friday. The company has a market capitalization of $943.49 billion, a P/E ratio of 143.79, a P/E/G ratio of 5.86 and a beta of 2.34. The business’s 50 day moving average is $385.35 and its two-hundred day moving average is $315.95. The company has a current ratio of 2.02, a quick ratio of 1.61 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Wednesday, January 29th. The electric vehicle producer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.74 by ($0.08). Tesla had a return on equity of 10.31% and a net margin of 7.26%. Analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent analyst reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $365.00 target price on shares of Tesla in a research report on Wednesday, January 29th. Bank of America lowered Tesla from a “buy” rating to a “neutral” rating and upped their target price for the company from $400.00 to $490.00 in a research report on Tuesday, January 7th. Roth Mkm raised Tesla from a “neutral” rating to a “buy” rating and upped their target price for the company from $85.00 to $380.00 in a research report on Monday, December 2nd. Canaccord Genuity Group upped their target price on Tesla from $298.00 to $400.00 and gave the company a “buy” rating in a research report on Friday, January 3rd. Finally, Robert W. Baird reduced their target price on Tesla from $480.00 to $440.00 and set an “outperform” rating on the stock in a research report on Thursday, January 30th. Ten equities research analysts have rated the stock with a sell rating, eleven have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $318.77.

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.