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Salem Investment Counselors Inc. raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 6.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,112 shares of the electric vehicle producer’s stock after purchasing an additional 545 shares during the period. Salem Investment Counselors Inc.’s holdings in Tesla were worth $2,895,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Peterson Wealth Advisors LLC increased its stake in shares of Tesla by 20.1% during the second quarter. Peterson Wealth Advisors LLC now owns 2,401 shares of the electric vehicle producer’s stock valued at $763,000 after purchasing an additional 402 shares in the last quarter. Discipline Wealth Solutions LLC increased its stake in shares of Tesla by 4.9% during the second quarter. Discipline Wealth Solutions LLC now owns 1,055 shares of the electric vehicle producer’s stock valued at $335,000 after purchasing an additional 49 shares in the last quarter. Centurion Wealth Management LLC increased its stake in shares of Tesla by 13.0% during the second quarter. Centurion Wealth Management LLC now owns 5,067 shares of the electric vehicle producer’s stock valued at $1,610,000 after purchasing an additional 584 shares in the last quarter. TruWealth Advisors LLC increased its position in shares of Tesla by 7.1% during the second quarter. TruWealth Advisors LLC now owns 1,304 shares of the electric vehicle producer’s stock valued at $414,000 after acquiring an additional 87 shares in the last quarter. Finally, TrueWealth Advisors LLC increased its position in shares of Tesla by 2.1% during the second quarter. TrueWealth Advisors LLC now owns 4,063 shares of the electric vehicle producer’s stock valued at $1,291,000 after acquiring an additional 85 shares in the last quarter. Institutional investors own 66.20% of the company’s stock.
Tesla Trading Up 3.6%
Shares of Tesla stock opened at $410.04 on Tuesday. The company’s fifty day simple moving average is $331.21 and its 200-day simple moving average is $304.53. The stock has a market capitalization of $1.32 trillion, a PE ratio of 237.02, a P/E/G ratio of 13.81 and a beta of 2.06. Tesla, Inc. has a 1-year low of $212.11 and a 1-year high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.
Tesla (NASDAQ:TSLA – Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). The business had revenue of $22.50 billion for the quarter, compared to analysts’ expectations of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The company’s revenue was down 11.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. As a group, equities analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.
Insider Transactions at Tesla
In related news, Director James R. Murdoch sold 120,000 shares of Tesla stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $350.29, for a total transaction of $42,034,800.00. Following the transaction, the director owned 697,031 shares in the company, valued at approximately $244,162,988.99. The trade was a 14.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, July 7th. The shares were sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,735,080.36. This trade represents a 40.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 148,606 shares of company stock worth $51,999,662 in the last 90 days. 20.70% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Several equities research analysts recently weighed in on TSLA shares. Stifel Nicolaus set a $440.00 price target on shares of Tesla in a research report on Friday, September 5th. Daiwa Capital Markets reissued a “neutral” rating on shares of Tesla in a research report on Sunday, July 27th. Benchmark reissued a “buy” rating and set a $475.00 price target (up previously from $350.00) on shares of Tesla in a research report on Thursday, June 26th. The Goldman Sachs Group reissued a “neutral” rating on shares of Tesla in a research report on Sunday, August 17th. Finally, Baird R W downgraded shares of Tesla from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 9th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, fourteen have assigned a Hold rating and nine have issued a Sell rating to the company’s stock. According to data from MarketBeat, Tesla has a consensus rating of “Hold” and a consensus target price of $303.00.
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.
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