Longitude Cayman Ltd. Has $10.18 Million Position in Tesla, Inc. (NASDAQ:TSLA)

Longitude Cayman Ltd. lowered its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 44.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 25,200 shares of the electric vehicle producer's stock after selling 19,860 shares during the period. Tesla makes up 2.1% of Longitude Cayman Ltd.'s portfolio, making the stock its 13th biggest position. Longitude Cayman Ltd.'s holdings in Tesla were worth $10,177,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TSLA. Wedge Capital Management L L P NC raised its position in shares of Tesla by 18.2% during the third quarter. Wedge Capital Management L L P NC now owns 2,489 shares of the electric vehicle producer's stock worth $651,000 after purchasing an additional 384 shares during the period. Creative Planning raised its position in shares of Tesla by 28.3% during the third quarter. Creative Planning now owns 896,484 shares of the electric vehicle producer's stock worth $221,677,000 after purchasing an additional 197,839 shares during the period. Swedbank AB raised its position in shares of Tesla by 2.8% during the third quarter. Swedbank AB now owns 1,098,717 shares of the electric vehicle producer's stock worth $287,457,000 after purchasing an additional 29,669 shares during the period. Bleakley Financial Group LLC raised its position in shares of Tesla by 9.1% during the third quarter. Bleakley Financial Group LLC now owns 72,087 shares of the electric vehicle producer's stock worth $18,860,000 after purchasing an additional 6,042 shares during the period. Finally, Teamwork Financial Advisors LLC raised its position in shares of Tesla by 9.1% during the third quarter. Teamwork Financial Advisors LLC now owns 32,241 shares of the electric vehicle producer's stock worth $8,435,000 after purchasing an additional 2,693 shares during the period. Institutional investors own 66.20% of the company's stock.

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Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 7,000 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $354.43, for a total transaction of $2,481,010.00. Following the completion of the transaction, the chief financial officer now owns 105,032 shares of the company's stock, valued at approximately $37,226,491.76. The trade was a 6.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robyn M. Denholm sold 112,390 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $354.06, for a total value of $39,792,803.40. Following the transaction, the director now directly owns 85,000 shares of the company's stock, valued at $30,095,100. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 523,386 shares of company stock worth $195,995,200 in the last ninety days. 20.70% of the stock is owned by company insiders.

Tesla Stock Performance

TSLA traded down $1.20 during trading on Tuesday, hitting $354.65. The stock had a trading volume of 27,747,998 shares, compared to its average volume of 75,893,945. The company has a 50 day moving average price of $405.64 and a 200-day moving average price of $309.75. The firm has a market cap of $1.14 trillion, a price-to-earnings ratio of 173.83, a P/E/G ratio of 6.22 and a beta of 2.34. Tesla, Inc. has a one year low of $138.80 and a one year high of $488.54. The company has a debt-to-equity ratio of 0.08, a current ratio of 2.02 and a quick ratio of 1.61.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly 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, research analysts predict that Tesla, Inc. will post 2.54 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TSLA shares. Piper Sandler lifted their target price on Tesla from $315.00 to $500.00 and gave the company an "overweight" rating in a research report on Tuesday, January 21st. New Street Research raised Tesla from a "neutral" rating to a "buy" rating and set a $460.00 target price on the stock in a research report on Monday, January 6th. The Goldman Sachs Group lifted their target price on Tesla from $250.00 to $345.00 and gave the company a "neutral" rating in a research report on Wednesday, December 11th. Wells Fargo & Company lifted their target price on Tesla from $125.00 to $135.00 and gave the company an "underweight" rating in a research report on Thursday, January 30th. Finally, Jefferies Financial Group lifted their target price on Tesla from $195.00 to $300.00 and gave the company a "hold" rating in a research report on Thursday, November 14th. Nine investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $326.50.

About Tesla

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.