Cherry Creek Investment Advisors Inc. Reduces Holdings in Tesla, Inc. (NASDAQ:TSLA)

Cherry Creek Investment Advisors Inc. reduced its stake in Tesla, Inc. (NASDAQ:TSLA) by 22.7% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 762 shares of the electric vehicle producer’s stock after selling 224 shares during the quarter. Cherry Creek Investment Advisors Inc.’s holdings in Tesla were worth $308,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Transcendent Capital Group LLC acquired a new stake in shares of Tesla during the third quarter worth $29,000. Clean Yield Group raised its stake in Tesla by 60.0% in the 3rd 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. Peterson Financial Group Inc. acquired a new stake in Tesla during the 3rd quarter worth about $35,000. M&R Capital Management Inc. grew its stake in Tesla by 263.2% during the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after purchasing an additional 100 shares during the last quarter. Finally, Quarry LP purchased a new position in shares of Tesla in the second quarter worth about $48,000. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Tesla Stock Up 2.9 %

Shares of NASDAQ TSLA opened at $400.28 on Friday. The company has a current ratio of 1.84, a quick ratio of 1.37 and a debt-to-equity ratio of 0.08. The company has a 50-day moving average of $401.98 and a 200 day moving average of $297.28. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $488.54. The stock has a market cap of $1.28 trillion, a PE ratio of 109.67, a P/E/G ratio of 8.42 and a beta of 2.30.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results 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 13.07% and a return on equity of 10.24%. As a group, sell-side analysts predict that Tesla, Inc. will post 2.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on TSLA. Jefferies Financial Group upped their target price on Tesla from $195.00 to $300.00 and gave the company a “hold” rating in a research report on Thursday, November 14th. Roth Mkm upgraded shares of Tesla from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $85.00 to $380.00 in a research note on Monday, December 2nd. Cantor Fitzgerald restated a “neutral” rating and set a $365.00 target price on shares of Tesla in a research report on Wednesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $440.00 price target on shares of Tesla in a research report on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Tesla in a report on Thursday. Eight equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tesla has a consensus rating of “Hold” and a consensus target price of $318.31.

Insiders Place Their Bets

In related news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $300.37, for a total transaction of $2,402,960.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at approximately $31,548,461.84. This trade represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robyn M. Denholm sold 112,390 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $314.44, for a total transaction of $35,339,911.60. Following the completion of the transaction, the director now owns 85,000 shares in the company, valued at $26,727,400. The trade was a 56.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 553,386 shares of company stock valued at $196,305,796 in the last three months. 20.70% of the stock is currently owned by insiders.

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.