West Tower Group LLC Has $1.05 Million Holdings in Tesla, Inc. (NASDAQ:TSLA)

West Tower Group LLC boosted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 81.8% during the third quarter, Holdings Channel.com reports. The fund owned 4,000 shares of the electric vehicle producer’s stock after acquiring an additional 1,800 shares during the period. Tesla comprises 2.2% of West Tower Group LLC’s investment portfolio, making the stock its 10th largest position. West Tower Group LLC’s holdings in Tesla were worth $1,047,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Transcendent Capital Group LLC bought a new position in Tesla in the third quarter valued at approximately $29,000. Bank & Trust Co acquired a new stake in shares of Tesla in the 2nd quarter valued at $25,000. Clean Yield Group raised 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 worth $33,000 after buying an additional 48 shares in the last quarter. Abich Financial Wealth Management LLC lifted its position 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 worth $26,000 after buying an additional 81 shares during the last quarter. Finally, Valley Wealth Managers Inc. acquired a new stake in Tesla in the second quarter valued at about $26,000. 66.20% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Vaibhav Taneja sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total value of $2,000,000.00. Following the transaction, the chief financial officer now owns 105,032 shares in the company, valued at $26,258,000. This trade represents a 7.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $221.77, for a total value of $65,865.69. Following the sale, the senior vice president now owns 67,491 shares of the company’s stock, valued at $14,967,479.07. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 301,187 shares of company stock worth $92,956,692 over the last three months. 20.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. William Blair started coverage on shares of Tesla in a report on Thursday, August 29th. They issued an “outperform” rating for the company. Oppenheimer restated a “market perform” rating on shares of Tesla in a research report on Tuesday, October 8th. Canaccord Genuity Group upped their price target on shares of Tesla from $254.00 to $278.00 and gave the stock a “buy” rating in a report on Thursday, October 24th. The Goldman Sachs Group raised their price objective on Tesla from $230.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, October 24th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $295.00 target price on shares of Tesla in a report on Tuesday, September 10th. Nine research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $231.06.

Tesla Trading Down 4.0 %

Shares of Tesla stock opened at $338.59 on Tuesday. The stock has a market capitalization of $1.09 trillion, a PE ratio of 92.76, a price-to-earnings-growth ratio of 11.45 and a beta of 2.29. Tesla, Inc. has a 52 week low of $138.80 and a 52 week high of $361.93. The stock has a 50 day moving average price of $266.31 and a two-hundred day moving average price of $227.97. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.37 and a current ratio of 1.84.

Tesla (NASDAQ:TSLA) last posted its quarterly earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.07% and a return on equity of 10.24%. The business had revenue of $25.18 billion during the quarter, compared to the consensus estimate of $25.47 billion. During the same quarter last year, the firm posted $0.53 EPS. Tesla’s revenue was up 7.8% compared to the same quarter last year. As a group, equities analysts anticipate that Tesla, Inc. will post 1.99 earnings per share for the current fiscal year.

About Tesla

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.