Kirtland Hills Capital Management LLC Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

by · The Cerbat Gem

Kirtland Hills Capital Management LLC grew its position in Tesla, Inc. (NASDAQ:TSLA – Free Report) by 29.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,724 shares of the electric vehicle producer’s stock after acquiring an additional 1,070 shares during the quarter. Kirtland Hills Capital Management LLC’s holdings in Tesla were worth $1,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TSLA. Jennison Associates LLC raised its stake in shares of Tesla by 11.9% in the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer’s stock valued at $3,192,203,000 after acquiring an additional 1,294,093 shares during the period. Commerce Bank lifted its stake in shares of Tesla by 1.9% during the 3rd quarter. Commerce Bank now owns 135,039 shares of the electric vehicle producer’s stock worth $35,330,000 after acquiring an additional 2,453 shares during the last quarter. Strategy Asset Managers LLC purchased a new position in Tesla during the 3rd quarter valued at $482,000. Prospera Private Wealth LLC purchased a new stake in Tesla in the third quarter worth $497,000. Finally, Thompson Davis & CO. Inc. purchased a new stake in shares of Tesla during the third quarter valued at $270,000. 66.20% of the stock is currently owned by institutional investors.

Tesla Price Performance

NASDAQ:TSLA opened at $346.00 on Wednesday. The company has a market capitalization of $1.11 trillion, a P/E ratio of 94.79, a P/E/G ratio of 10.42 and a beta of 2.29. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $358.64. The stock’s fifty day moving average is $257.14 and its two-hundred day moving average is $223.29.

Tesla (NASDAQ:TSLA – Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a return on equity of 10.24% and a net margin of 13.07%. The firm had revenue of $25.18 billion for the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter in the previous year, the business earned $0.53 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities analysts expect that Tesla, Inc. will post 1.99 EPS for the current year.

Insider Transactions at Tesla

In related news, SVP Xiaotong Zhu sold 297 shares of Tesla stock in a transaction on Friday, September 6th. The shares were sold at an average price of $221.77, for a total value of $65,865.69. Following the transaction, the senior vice president now directly owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Vaibhav Taneja sold 4,000 shares of the stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $250.00, for a total transaction of $1,000,000.00. Following the transaction, the chief financial officer now directly owns 105,032 shares of the company’s stock, valued at $26,258,000. This represents a 3.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 301,187 shares of company stock worth $92,956,692. 20.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several research analyst reports. William Blair assumed coverage on Tesla in a research note on Thursday, August 29th. They issued an “outperform” rating on the stock. Canaccord Genuity Group lifted their price objective on Tesla from $254.00 to $278.00 and gave the company a “buy” rating in a report on Thursday, October 24th. Roth Mkm reissued a “neutral” rating and set a $85.00 target price on shares of Tesla in a research report on Friday, October 11th. StockNews.com upgraded shares of Tesla from a “sell” rating to a “hold” rating in a research note on Thursday, October 24th. Finally, Wolfe Research assumed coverage on shares of Tesla in a research note on Thursday, September 5th. They issued a “peer perform” rating for the company. Nine analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $230.18.

View Our Latest Report on Tesla

Tesla Company Profile

(Free Report)

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.

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