Miracle Mile Advisors LLC Increases Stock Holdings in Tesla, Inc. (NASDAQ:TSLA)

Miracle Mile Advisors LLC increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 47.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,819 shares of the electric vehicle producer's stock after purchasing an additional 11,865 shares during the period. Miracle Mile Advisors LLC's holdings in Tesla were worth $14,869,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC lifted its holdings in shares of Tesla by 1.8% during the third quarter. Geode Capital Management LLC now owns 59,356,401 shares of the electric vehicle producer's stock worth $15,469,792,000 after purchasing an additional 1,022,589 shares during the period. FMR LLC lifted its stake in Tesla by 3.5% during the 3rd quarter. FMR LLC now owns 24,741,075 shares of the electric vehicle producer's stock valued at $6,473,008,000 after acquiring an additional 828,308 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Tesla by 13.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 24,377,822 shares of the electric vehicle producer's stock valued at $6,377,970,000 after acquiring an additional 2,946,763 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Tesla by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 16,545,824 shares of the electric vehicle producer's stock worth $4,328,884,000 after acquiring an additional 301,968 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of Tesla by 11.9% during the third quarter. Jennison Associates LLC now owns 12,201,212 shares of the electric vehicle producer's stock worth $3,192,203,000 after purchasing an additional 1,294,093 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Price Performance

Shares of Tesla stock traded down $6.95 on Tuesday, hitting $396.36. 83,986,800 shares of the company were exchanged, compared to its average volume of 81,639,867. The company has a quick ratio of 1.37, a current ratio of 1.84 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average price of $382.71 and a 200 day moving average price of $284.69. The stock has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 108.59, a price-to-earnings-growth 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.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its earnings results 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 company had revenue of $25.18 billion during the quarter, compared to analysts' expectations of $25.47 billion. During the same period in the prior year, the business earned $0.53 EPS. The firm's quarterly revenue was up 7.8% on a year-over-year basis. As a group, sell-side analysts predict that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

Insider Activity at Tesla

In other Tesla news, CFO Vaibhav Taneja sold 2,606 shares of the firm's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $374.21, for a total transaction of $975,191.26. Following the completion of the sale, the chief financial officer now owns 108,965 shares of the company's stock, valued at $40,775,792.65. This trade represents a 2.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the company's stock in a transaction on Friday, November 15th. The shares were sold at an average price of $314.44, for a total value of $35,339,911.60. Following the completion of the transaction, the director now directly owns 85,000 shares in the company, valued at approximately $26,727,400. This trade represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 621,886 shares of company stock valued at $213,451,751. 20.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TSLA shares. Canaccord Genuity Group upped their price target on shares of Tesla from $298.00 to $400.00 and gave the company a "buy" rating in a report on Friday, January 3rd. Piper Sandler upped their target price on Tesla from $310.00 to $315.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. New Street Research upgraded Tesla from a "neutral" rating to a "buy" rating and set a $460.00 price target for the company in a research report on Monday, January 6th. Sanford C. Bernstein restated an "underperform" rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, October 3rd. Finally, Cantor Fitzgerald lifted their target price on shares of Tesla from $255.00 to $365.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. Nine research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and a consensus target price of $296.60.

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.