Cardinal Point Capital Management ULC Trims Position in Tesla, Inc. (NASDAQ:TSLA)

Cardinal Point Capital Management ULC decreased its holdings in Tesla, Inc. (NASDAQ:TSLA) by 0.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 15,536 shares of the electric vehicle producer’s stock after selling 92 shares during the period. Tesla comprises about 1.0% of Cardinal Point Capital Management ULC’s portfolio, making the stock its 18th largest holding. Cardinal Point Capital Management ULC’s holdings in Tesla were worth $6,274,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Abich Financial Wealth Management LLC raised 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 worth $26,000 after acquiring an additional 81 shares in the last quarter. Transcendent Capital Group LLC purchased a new stake in Tesla in the third quarter worth $29,000. Clean Yield Group raised its holdings in Tesla by 60.0% in the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock worth $33,000 after purchasing an additional 48 shares in the last quarter. Peterson Financial Group Inc. purchased a new position in Tesla during the third quarter valued at $35,000. Finally, M&R Capital Management Inc. boosted its holdings in shares of Tesla by 263.2% during the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after buying an additional 100 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on TSLA shares. Roth Capital raised shares of Tesla from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 2nd. Guggenheim lifted their target price on shares of Tesla from $156.00 to $175.00 and gave the company a “sell” rating in a report on Thursday, December 5th. Canaccord Genuity Group upped their price target on Tesla from $298.00 to $400.00 and gave the stock a “buy” rating in a research note on Friday, January 3rd. Piper Sandler lifted their price objective on Tesla from $310.00 to $315.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Finally, Barclays increased their target price on Tesla from $220.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 29th. Nine analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Tesla presently has an average rating of “Hold” and a consensus target price of $296.60.

Tesla Stock Down 1.7 %

TSLA opened at $396.36 on Wednesday. The firm’s 50 day simple moving average is $382.71 and its two-hundred day simple moving average is $284.69. The company has a market capitalization of $1.27 trillion, a PE ratio of 108.59, a PEG ratio of 10.80 and a beta of 2.30. Tesla, Inc. has a 1-year low of $138.80 and a 1-year high of $488.54. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08.

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

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $251.76, for a total transaction of $1,007,040.00. Following the transaction, the chief financial officer now owns 105,032 shares of the company’s stock, valued at $26,442,856.32. The trade was a 3.67 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 621,886 shares of company stock worth $213,451,751. 20.70% of the stock is owned by company 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.