Resona Asset Management Co. Ltd. Takes Position in Tesla, Inc. (NASDAQ:TSLA)

Resona Asset Management Co. Ltd. acquired a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 877,703 shares of the electric vehicle producer's stock, valued at approximately $358,201,000. Tesla comprises approximately 2.1% of Resona Asset Management Co. Ltd.'s portfolio, making the stock its 6th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pamalican Asset Management Ltd purchased a new position in Tesla during the fourth quarter worth about $6,732,000. Leeward Financial Partners LLC purchased a new stake in Tesla during the 4th quarter worth $209,000. First Western Trust Bank acquired a new stake in Tesla in the 4th quarter valued at $213,000. Hurlow Wealth Management Group Inc. acquired a new position in shares of Tesla during the fourth quarter worth about $273,000. Finally, Landscape Capital Management L.L.C. lifted its stake in shares of Tesla by 172.3% during the fourth quarter. Landscape Capital Management L.L.C. now owns 3,967 shares of the electric vehicle producer's stock worth $1,602,000 after purchasing an additional 2,510 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TSLA. Canaccord Genuity Group reaffirmed a "buy" rating and issued a $404.00 price objective on shares of Tesla in a research report on Monday, March 17th. Piper Sandler cut their target price on Tesla from $500.00 to $450.00 and set an "overweight" rating on the stock in a research report on Thursday, March 20th. Needham & Company LLC reaffirmed a "hold" rating on shares of Tesla in a research report on Monday, February 10th. Guggenheim cut their price objective on Tesla from $175.00 to $170.00 and set a "sell" rating on the stock in a research note on Wednesday, March 12th. Finally, TD Cowen upgraded Tesla from a "hold" rating to a "buy" rating and lifted their target price for the stock from $180.00 to $388.00 in a research report on Friday, March 7th. Eight analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $305.31.

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Insider Transactions at Tesla

In other news, CFO Vaibhav Taneja sold 7,000 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $383.11, for a total transaction of $2,681,770.00. Following the completion of the transaction, the chief financial officer now directly owns 108,965 shares in the company, valued at approximately $41,745,581.15. This represents a 6.04 % 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 Robyn M. Denholm sold 112,390 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $384.04, for a total transaction of $43,162,255.60. Following the completion of the sale, the director now owns 85,000 shares in the company, valued at approximately $32,643,400. This trade represents a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 370,228 shares of company stock worth $122,791,123 in the last three months. Corporate insiders own 20.70% of the company's stock.

Tesla Stock Down 2.6 %

Shares of TSLA traded down $6.14 on Monday, reaching $233.29. The stock had a trading volume of 181,900,757 shares, compared to its average volume of 94,622,735. The company has a 50-day simple moving average of $305.98 and a 200-day simple moving average of $324.24. The firm has a market capitalization of $750.38 billion, a price-to-earnings ratio of 114.36, a price-to-earnings-growth ratio of 5.86 and a beta of 2.58. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.61 and a current ratio of 2.02. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electric vehicle producer reported $0.66 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%. Sell-side analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

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.