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Wedge Capital Management L L P NC lifted its position in shares of Tesla, Inc. (NASDAQ:TSLA – Free Report) by 19.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,957 shares of the electric vehicle producer’s stock after buying an additional 478 shares during the period. Wedge Capital Management L L P NC’s holdings in Tesla were worth $939,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Cherry Tree Wealth Management LLC increased its holdings in shares of Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank increased its holdings in shares of Tesla by 79.2% during the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after buying an additional 42 shares during the last quarter. Newton One Investments LLC increased its holdings in Tesla by 250.0% in the 1st quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock valued at $27,000 after purchasing an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new stake in Tesla in the 1st quarter valued at $27,000. Finally, Chelsea Counsel Co. increased its holdings in Tesla by 59.7% in the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several analysts recently issued reports on the company. Canaccord Genuity Group increased their price target on Tesla from $303.00 to $333.00 and gave the company a “buy” rating in a report on Thursday, July 24th. Daiwa Capital Markets reiterated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Dbs Bank increased their price target on Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Baird R W upgraded Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, Bank of America increased their price target on Tesla from $305.00 to $341.00 and gave the company a “neutral” rating in a report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the company’s stock. Based on data from MarketBeat, Tesla has an average rating of “Hold” and an average price target of $324.53.
Check Out Our Latest Analysis on Tesla
Tesla Stock Performance
Shares of NASDAQ TSLA opened at $434.21 on Tuesday. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07. The firm’s 50-day moving average price is $343.03 and its two-hundred day moving average price is $309.87. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The stock has a market capitalization of $1.44 trillion, a P/E ratio of 250.99, a P/E/G ratio of 14.86 and a beta of 2.06.
Tesla (NASDAQ:TSLA – Get Free Report) last issued its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the prior year, the business earned $0.52 EPS. The business’s revenue was down 11.8% on a year-over-year basis. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.
Insiders Place Their Bets
In other news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction that occurred on Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the sale, the chief financial officer owned 5,924 shares of the company’s stock, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of Tesla stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $363.75, for a total value of $7,275,000.00. Following the sale, the senior vice president directly owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock valued at $77,360,462 over the last quarter. Insiders own 19.90% of the company’s stock.
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.
See Also
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