Fulton Breakefield Broenniman LLC has significantly increased its stake in Tesla, Inc. (NASDAQ:TSLA) by acquiring an additional 5,390 shares during the third quarter of 2023. This purchase raised the firm’s total ownership to 12,866 shares, marking a substantial increase of 72.1%. As of the latest filing with the Securities and Exchange Commission (SEC), the value of Fulton Breakefield Broenniman’s holdings in Tesla is approximately $5.72 million.
The investment landscape for Tesla has seen changes recently, as other institutional investors also adjusted their positions. For instance, Chapman Financial Group LLC initiated a new position valued at $26,000, while LGT Financial Advisors LLC and CoreFirst Bank & Trust made new investments of around $29,000 and $30,000 respectively. Notably, ESL Trust Services LLC increased its holdings by a staggering 1,900%, now owning 100 shares valued at approximately $32,000. Currently, institutional investors hold 66.2% of Tesla’s stock.
Tesla Stock Performance and Earnings Report
As of the latest trading session, Tesla shares opened at $475.19. The stock has seen a fifty-day moving average price of $444.97 and a two-hundred-day moving average price of $387.32. Tesla boasts a market capitalization of $1.58 trillion, a P/E ratio of 316.79, and a P/E/G ratio of 12.01. Over the past year, the stock reached a low of $214.25 and a high of $498.83.
Tesla recently announced its quarterly earnings on October 23, 2023, reporting earnings per share of $0.50. This exceeded analysts’ expectations of $0.48 by $0.02. The company generated revenue of $28.1 billion during the quarter, surpassing the analyst estimate of $24.98 billion. Tesla’s net margin stood at 5.51%, with a return on equity of 6.61%, and the revenue marked an increase of 11.6% year-over-year.
Insider Trading and Analyst Ratings
Recent insider activity includes transactions by key executives. Chief Financial Officer Vaibhav Taneja sold 2,637 shares on December 8, 2023, at an average price of $443.93, totaling approximately $1.17 million. Following this sale, Taneja holds 13,757 shares valued at around $6.11 million, representing a 16.09% decrease in ownership.
Additionally, Director Kimbal Musk sold 56,820 shares on December 9, 2023, for a total of approximately $25.61 million. Post-sale, Musk retains 1,391,615 shares, valued at about $627.15 million, indicating a 3.92% reduction in his position.
Tesla’s stock has garnered a mix of analyst ratings, with Wedbush affirming an “outperform” rating and setting a target price of $600.00. Other analysts, such as Melius and CICC Research, have issued “buy” ratings with target prices of $520.00 and $500.00 respectively. Currently, Tesla has a consensus rating of “Hold” with a target price of $414.50.
The electric vehicle sector continues to attract attention, with recent developments indicating strong institutional interest. Tesla’s recent successes include securing a 1 GWh Megapack order in Scotland, which bolsters its energy business and enhances revenue diversification.
While positive sentiment prevails, challenges remain. The National Highway Traffic Safety Administration (NHTSA) has opened a probe into the Model 3 emergency door releases, raising concerns regarding potential recalls. Additionally, criticisms around the performance of Tesla’s Full Self-Driving (FSD) technology persist, particularly in adverse weather conditions.
As Tesla progresses into 2024, the landscape remains dynamic, with both opportunities and challenges that could significantly impact its market position and investor confidence.
