Wealth Effects LLC Boosts Stake in Tesla, Inc. (NASDAQ:TSLA)

Wealth Effects LLC increased its position in Tesla, Inc. (NASDAQ:TSLA) by 15.1% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,890 shares of the electric vehicle producer’s stock after buying an additional 905 shares during the quarter. Wealth Effects LLC’s holdings in Tesla were worth $1,803,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Bank & Trust Co bought a new position in Tesla in the 2nd quarter worth $25,000. Valley Wealth Managers Inc. bought a new position in shares of Tesla during the 2nd quarter valued at about $26,000. Abich Financial Wealth Management LLC boosted its holdings in shares of Tesla by 168.8% during the 2nd quarter. Abich Financial Wealth Management LLC now owns 129 shares of the electric vehicle producer’s stock valued at $26,000 after purchasing an additional 81 shares during the last quarter. Clean Yield Group boosted its holdings in shares of Tesla by 60.0% during the 3rd quarter. Clean Yield Group now owns 128 shares of the electric vehicle producer’s stock valued at $33,000 after purchasing an additional 48 shares during the last quarter. Finally, M&R Capital Management Inc. lifted its holdings in shares of Tesla by 263.2% in the 3rd quarter. M&R Capital Management Inc. now owns 138 shares of the electric vehicle producer’s stock valued at $36,000 after acquiring an additional 100 shares during the last quarter. Institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on TSLA. Truist Financial increased their price target on shares of Tesla from $215.00 to $236.00 and gave the company a “hold” rating in a report on Thursday, October 3rd. Stifel Nicolaus initiated coverage on shares of Tesla in a research note on Tuesday, June 25th. They set a “buy” rating and a $265.00 price objective on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Tesla in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $295.00 target price on shares of Tesla in a report on Tuesday, September 10th. Finally, Barclays reduced their target price on shares of Tesla from $225.00 to $220.00 and set an “equal weight” rating for the company in a report on Thursday, July 25th. Nine equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tesla presently has a consensus rating of “Hold” and a consensus price target of $210.72.

Insider Buying and Selling

In related news, Director Robyn M. Denholm sold 66,364 shares of Tesla stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction of $14,597,425.44. Following the completion of the transaction, the director now owns 85,000 shares of the company’s stock, valued at $18,696,600. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Robyn M. Denholm sold 66,364 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $219.96, for a total transaction 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 $18,696,600. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Xiaotong Zhu sold 297 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the transaction, the senior vice president now owns 67,491 shares in the company, valued at approximately $14,967,479.07. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,661 shares of company stock valued at $16,663,291 over the last quarter. Insiders own 20.70% of the company’s stock.

Tesla Price Performance

Tesla stock traded down $2.08 during mid-day trading on Monday, reaching $218.62. The company had a trading volume of 30,979,139 shares, compared to its average volume of 94,054,398. Tesla, Inc. has a fifty-two week low of $138.80 and a fifty-two week high of $271.00. The company has a current ratio of 1.91, a quick ratio of 1.40 and a debt-to-equity ratio of 0.08. The company has a market cap of $698.41 billion, a P/E ratio of 61.22, a P/E/G ratio of 6.31 and a beta of 2.29. The business has a fifty day simple moving average of $227.67 and a 200 day simple moving average of $205.65.

Tesla (NASDAQ:TSLA) last issued its quarterly earnings results on Tuesday, July 23rd. The electric vehicle producer reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.10). The business had revenue of $25.50 billion for the quarter, compared to analyst estimates of $24.38 billion. Tesla had a return on equity of 10.41% and a net margin of 13.00%. Tesla’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.78 EPS. On average, equities research analysts predict that Tesla, Inc. will post 1.75 earnings per share for the current year.

Tesla Company 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.