Altus Wealth Group LLC Buys 130 Shares of Tesla, Inc. (NASDAQ:TSLA)

Altus Wealth Group LLC lifted its stake in Tesla, Inc. (NASDAQ:TSLA) by 3.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,305 shares of the electric vehicle producer’s stock after acquiring an additional 130 shares during the period. Altus Wealth Group LLC’s holdings in Tesla were worth $852,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Columbia Asset Management lifted its position in Tesla by 10.8% during the 2nd quarter. Columbia Asset Management now owns 3,536 shares of the electric vehicle producer’s stock worth $700,000 after acquiring an additional 345 shares during the last quarter. Sterling Investment Advisors Ltd. lifted its position in shares of Tesla by 15.3% during the 2nd quarter. Sterling Investment Advisors Ltd. now owns 9,617 shares of the electric vehicle producer’s stock worth $1,903,000 after purchasing an additional 1,275 shares during the last quarter. N.E.W. Advisory Services LLC boosted its stake in Tesla by 5.6% during the 2nd quarter. N.E.W. Advisory Services LLC now owns 6,261 shares of the electric vehicle producer’s stock valued at $1,239,000 after purchasing an additional 332 shares during the period. SouthState Corp grew its holdings in Tesla by 54.0% in the 2nd quarter. SouthState Corp now owns 2,692 shares of the electric vehicle producer’s stock valued at $533,000 after buying an additional 944 shares during the last quarter. Finally, Nicholas Hoffman & Company LLC. increased its position in Tesla by 4.7% in the 2nd quarter. Nicholas Hoffman & Company LLC. now owns 3,032 shares of the electric vehicle producer’s stock worth $600,000 after buying an additional 135 shares during the period. Institutional investors own 66.20% of the company’s stock.

Tesla Stock Performance

Tesla stock opened at $230.17 on Friday. Tesla, Inc. has a 12-month low of $138.80 and a 12-month high of $278.98. The stock has a 50-day simple moving average of $224.21 and a 200 day simple moving average of $193.52. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08. The stock has a market capitalization of $735.31 billion, a price-to-earnings ratio of 58.72, a P/E/G ratio of 5.55 and a beta of 2.29.

Tesla (NASDAQ:TSLA) last announced its earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). Tesla had a return on equity of 10.41% and a net margin of 13.00%. The company had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.78 earnings per share. On average, research analysts anticipate that Tesla, Inc. will post 1.79 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TSLA. William Blair initiated coverage on Tesla in a research report on Thursday, August 29th. They issued an “outperform” rating for the company. TD Cowen increased their price target on shares of Tesla from $160.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. New Street Research downgraded shares of Tesla from a “buy” rating to a “neutral” rating and set a $225.00 price objective on the stock. in a report on Wednesday, July 24th. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Wednesday, July 24th. Finally, Mizuho boosted their price target on Tesla from $180.00 to $230.00 and gave the company a “neutral” rating in a research note on Friday, July 12th. Nine research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tesla presently has an average rating of “Hold” and an average target price of $204.21.

Insiders Place Their Bets

In other news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $219.96, for a total value of $14,597,425.44. Following the completion of the sale, the director now directly owns 85,000 shares of the company’s stock, valued at approximately $18,696,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 25.10% 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.