Lord Abbett & CO. LLC Acquires New Position in Tesla, Inc. (NASDAQ:TSLA)

Lord Abbett & CO. LLC bought a new position in shares of Tesla, Inc. (NASDAQ:TSLA) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 675,831 shares of the electric vehicle producer’s stock, valued at approximately $272,928,000. Tesla accounts for 0.9% of Lord Abbett & CO. LLC’s portfolio, making the stock its 20th largest holding.

Several other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Tesla during the fourth quarter valued at about $14,420,248,000. FMR LLC grew its position in shares of Tesla by 40.1% during the fourth quarter. FMR LLC now owns 34,661,400 shares of the electric vehicle producer’s stock worth $13,997,660,000 after purchasing an additional 9,920,325 shares in the last quarter. Strategic Financial Concepts LLC raised its stake in Tesla by 36,790.0% during the 4th quarter. Strategic Financial Concepts LLC now owns 8,660,672 shares of the electric vehicle producer’s stock valued at $3,497,526,000 after purchasing an additional 8,637,195 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Tesla by 4,963.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 5,834,707 shares of the electric vehicle producer’s stock worth $2,356,288,000 after purchasing an additional 5,719,466 shares in the last quarter. Finally, Proficio Capital Partners LLC boosted its stake in Tesla by 55,181.0% in the 4th quarter. Proficio Capital Partners LLC now owns 4,382,674 shares of the electric vehicle producer’s stock worth $1,769,899,000 after purchasing an additional 4,374,746 shares during the period. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 54,776 shares of Tesla stock in a transaction on Monday, March 10th. The shares were sold at an average price of $240.79, for a total value of $13,189,513.04. Following the transaction, the director now directly owns 477,011 shares of the company’s stock, valued at approximately $114,859,478.69. The trade was a 10.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robyn M. Denholm sold 112,390 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $384.04, for a total value of $43,162,255.60. Following the sale, the director now owns 85,000 shares of the company’s stock, valued at approximately $32,643,400. This represents a 56.94 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 374,228 shares of company stock worth $123,791,123. 20.70% of the stock is owned by corporate insiders.

Tesla Stock Performance

Shares of TSLA stock opened at $259.51 on Friday. The firm has a market cap of $834.72 billion, a price-to-earnings ratio of 127.21, a PEG ratio of 5.86 and a beta of 2.58. Tesla, Inc. has a 52-week low of $158.36 and a 52-week high of $488.54. The company has a quick ratio of 1.61, a current ratio of 2.02 and a debt-to-equity ratio of 0.08. The company’s 50 day moving average is $265.36 and its 200 day moving average is $322.18.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.26). The company had revenue of $19.34 billion during the quarter, compared to analysts’ expectations of $22.93 billion. Tesla had a net margin of 7.26% and a return on equity of 10.31%. During the same quarter in the prior year, the business posted $0.45 earnings per share. On average, sell-side analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the topic of several research analyst reports. Evercore ISI boosted their target price on shares of Tesla from $195.00 to $275.00 and gave the stock an “in-line” rating in a report on Friday, January 3rd. BNP Paribas set a $137.00 price objective on shares of Tesla and gave the company an “underperform” rating in a report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a report on Wednesday. Piper Sandler reissued an “overweight” rating on shares of Tesla in a research note on Tuesday. Finally, Stifel Nicolaus set a $450.00 price objective on Tesla and gave the stock a “buy” rating in a research note on Thursday. Ten research analysts have rated the stock with a sell rating, ten have given a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $287.46.

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.