Cherry Creek Investment Advisors Inc. Acquires New Position in Tesla, Inc. $TSLA

Cherry Creek Investment Advisors Inc. acquired a new stake in Tesla, Inc. (NASDAQ:TSLA) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 727 shares of the electric vehicle producer’s stock, valued at approximately $231,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Siren L.L.C. acquired a new position in Tesla in the 1st quarter worth approximately $2,332,000. Zuckerman Investment Group LLC increased its holdings in Tesla by 6.9% in the 1st quarter. Zuckerman Investment Group LLC now owns 12,748 shares of the electric vehicle producer’s stock worth $3,304,000 after buying an additional 826 shares during the period. Keystone Global Partners LLC acquired a new position in Tesla in the 1st quarter worth approximately $594,000. Strs Ohio acquired a new position in Tesla in the 1st quarter worth approximately $205,495,000. Finally, AustralianSuper Pty Ltd increased its holdings in Tesla by 1,823.0% in the 2nd quarter. AustralianSuper Pty Ltd now owns 68,325 shares of the electric vehicle producer’s stock worth $21,704,000 after buying an additional 64,772 shares during the period. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

Tesla stock opened at $444.26 on Wednesday. The company’s fifty day moving average price is $414.80 and its 200 day moving average price is $351.91. Tesla, Inc. has a 1 year low of $214.25 and a 1 year high of $488.54. The stock has a market capitalization of $1.48 trillion, a P/E ratio of 296.17, a P/E/G ratio of 16.84 and a beta of 2.08. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.67 and a current ratio of 2.07.

Tesla (NASDAQ:TSLA) last released its quarterly earnings results on Wednesday, October 22nd. The electric vehicle producer reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.02. Tesla had a net margin of 5.51% and a return on equity of 6.61%. The firm had revenue of $28.10 billion for the quarter, compared to analysts’ expectations of $24.98 billion. During the same quarter last year, the company earned $0.72 EPS. The firm’s revenue for the quarter was up 11.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

TSLA has been the topic of several research reports. Mizuho increased their price target on shares of Tesla from $450.00 to $485.00 and gave the stock an “outperform” rating in a report on Thursday, October 23rd. Bank of America increased their price target on shares of Tesla from $341.00 to $471.00 and gave the stock a “neutral” rating in a report on Wednesday, October 29th. UBS Group set a $247.00 price objective on shares of Tesla in a research note on Monday, October 6th. Barclays reaffirmed a “negative” rating and set a $350.00 price objective (up previously from $275.00) on shares of Tesla in a research note on Thursday, October 16th. Finally, TD Cowen raised their price objective on shares of Tesla from $374.00 to $509.00 and gave the stock a “buy” rating in a research note on Thursday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have issued a Hold rating and eleven have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $391.08.

Insider Buying and Selling at Tesla

In other Tesla news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the transaction, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction on Monday, September 8th. The shares were sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the transaction, the chief financial officer owned 9,856 shares in the company, valued at $3,473,057.28. The trade was a 20.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 202,606 shares of company stock worth $75,588,902. Corporate insiders own 19.90% of the company’s stock.

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.