Geode Capital Management LLC Has $24.57 Billion Stake in Tesla, Inc. (NASDAQ:TSLA)

Geode Capital Management LLC lifted its position in Tesla, Inc. (NASDAQ:TSLA) by 2.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 61,011,604 shares of the electric vehicle producer’s stock after purchasing an additional 1,655,203 shares during the quarter. Tesla comprises about 1.9% of Geode Capital Management LLC’s investment portfolio, making the stock its 7th biggest position. Geode Capital Management LLC owned about 1.90% of Tesla worth $24,566,217,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Principal Financial Group Inc. increased its stake in Tesla by 5.6% during the third quarter. Principal Financial Group Inc. now owns 3,650,393 shares of the electric vehicle producer’s stock worth $955,052,000 after acquiring an additional 194,796 shares during the last quarter. United Bank purchased a new position in shares of Tesla in the 3rd quarter worth approximately $287,000. Quantbot Technologies LP bought a new position in shares of Tesla during the 3rd quarter valued at approximately $687,000. Cobblestone Capital Advisors LLC NY purchased a new stake in Tesla during the 3rd quarter valued at $246,000. Finally, Kestra Investment Management LLC purchased a new position in Tesla during the third quarter worth $875,000. 66.20% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,672 shares of Tesla stock in a transaction on Thursday, March 6th. The shares were sold at an average price of $268.73, for a total value of $718,046.56. Following the sale, the chief financial officer now owns 26,950 shares of the company’s stock, valued at approximately $7,242,273.50. This trade represents a 9.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James R. Murdoch sold 54,776 shares of the company’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $240.79, for a total transaction of $13,189,513.04. Following the transaction, the director now owns 477,011 shares of the company’s stock, valued at $114,859,478.69. This represents a 10.30 % decrease in their ownership of the stock. 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 ninety days. Company insiders own 20.70% of the company’s stock.

Tesla Trading Down 1.7 %

Shares of NASDAQ:TSLA opened at $259.16 on Tuesday. 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. The business has a 50 day moving average of $317.98 and a two-hundred day moving average of $323.21. The company has a market capitalization of $833.59 billion, a PE ratio of 127.04, a PEG ratio of 5.86 and a beta of 2.50.

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Benchmark started coverage on shares of Tesla in a report on Wednesday, February 12th. They issued a “buy” rating and a $475.00 target price for the company. New Street Research raised shares of Tesla from a “neutral” rating to a “buy” rating and set a $460.00 price objective for the company in a research note on Monday, January 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Tesla in a research note on Monday, February 10th. Truist Financial raised their price target on Tesla from $351.00 to $373.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. Finally, Royal Bank of Canada cut their price objective on Tesla from $440.00 to $320.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 18th. Nine analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $317.75.

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.