Eastern Bank Boosts Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Eastern Bank increased its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 826.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,918 shares of the electric vehicle producer's stock after buying an additional 63,263 shares during the quarter. Eastern Bank's holdings in Tesla were worth $28,640,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TSLA. Transcendent Capital Group LLC bought a new position in shares of Tesla in the third quarter valued at about $29,000. Clean Yield Group lifted its position in Tesla by 60.0% during the third quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer's stock worth $33,000 after acquiring an additional 48 shares during the last quarter. Abich Financial Wealth Management LLC boosted its holdings in shares of Tesla by 168.8% during the second 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 during the period. Peterson Financial Group Inc. acquired a new position in shares of Tesla in the third quarter valued at approximately $35,000. Finally, M&R Capital Management Inc. increased its stake in shares of Tesla by 263.2% during the third quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer's stock worth $36,000 after purchasing an additional 100 shares during the period. 66.20% of the stock is owned by institutional investors.

Insider Buying and Selling at Tesla

In related news, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $251.76, for a total value of $1,007,040.00. Following the sale, the chief financial officer now owns 105,032 shares in the company, valued at $26,442,856.32. This represents a 3.67 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kathleen Wilson-Thompson sold 100,000 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $346.02, for a total value of $34,602,000.00. Following the sale, the director now directly owns 5,400 shares of the company's stock, valued at $1,868,508. This represents a 94.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 621,886 shares of company stock valued at $213,451,751. Corporate insiders own 20.70% of the company's stock.

Tesla Trading Down 1.7 %

Shares of NASDAQ:TSLA traded down $6.95 during midday trading on Tuesday, reaching $396.36. The company's stock had a trading volume of 83,986,800 shares, compared to its average volume of 81,639,867. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $488.54. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84. The firm has a 50 day moving average price of $382.71 and a two-hundred day moving average price of $284.69. The firm has a market capitalization of $1.27 trillion, a price-to-earnings ratio of 108.59, a PEG ratio of 10.80 and a beta of 2.30.

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

Wall Street Analyst Weigh In

A number of brokerages have commented on TSLA. Morgan Stanley upped their price objective on Tesla from $400.00 to $430.00 and gave the company an "overweight" rating in a report on Monday. Barclays upped their price target on shares of Tesla from $220.00 to $235.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 29th. Phillip Securities downgraded shares of Tesla from a "moderate sell" rating to a "strong sell" rating in a report on Wednesday, November 13th. Canaccord Genuity Group lifted their price target on shares of Tesla from $254.00 to $278.00 and gave the company a "buy" rating in a research report on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Tesla from $295.00 to $370.00 and gave the company a "buy" rating in a research note on Monday, December 9th. Nine analysts have rated the stock with a sell rating, fifteen have given a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Tesla has an average rating of "Hold" and an average price target of $296.60.

Tesla 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.