ZEGA Investments LLC Buys 7,833 Shares of Tesla, Inc. $TSLA

ZEGA Investments LLC lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 74.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 18,415 shares of the electric vehicle producer’s stock after acquiring an additional 7,833 shares during the period. Tesla makes up 0.7% of ZEGA Investments LLC’s investment portfolio, making the stock its 15th biggest position. ZEGA Investments LLC’s holdings in Tesla were worth $4,772,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in TSLA. Susquehanna Fundamental Investments LLC purchased a new position in shares of Tesla during the fourth quarter valued at about $56,600,000. Means Investment CO. Inc. increased its position in shares of Tesla by 37.7% during the first quarter. Means Investment CO. Inc. now owns 23,089 shares of the electric vehicle producer’s stock valued at $5,984,000 after buying an additional 6,323 shares during the period. Focus Financial Network Inc. increased its position in shares of Tesla by 3.1% during the first quarter. Focus Financial Network Inc. now owns 22,467 shares of the electric vehicle producer’s stock valued at $5,823,000 after buying an additional 670 shares during the period. IFM Investors Pty Ltd increased its position in shares of Tesla by 8.5% during the first quarter. IFM Investors Pty Ltd now owns 586,460 shares of the electric vehicle producer’s stock valued at $153,436,000 after buying an additional 46,087 shares during the period. Finally, Keystone Global Partners LLC purchased a new position in shares of Tesla during the first quarter valued at about $594,000. 66.20% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TSLA. Cfra Research cut shares of Tesla from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, April 22nd. Bank of America upped their price objective on shares of Tesla from $305.00 to $341.00 and gave the stock a “neutral” rating in a report on Monday, July 21st. Guggenheim restated a “sell” rating and issued a $175.00 price objective on shares of Tesla in a report on Wednesday, July 23rd. JPMorgan Chase & Co. cut their price objective on shares of Tesla from $120.00 to $115.00 and set an “underweight” rating on the stock in a report on Wednesday, April 23rd. Finally, Truist Financial set a $280.00 price objective on shares of Tesla in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Tesla presently has a consensus rating of “Hold” and an average price target of $303.31.

Insider Activity

In other news, Director Kimbal Musk sold 91,588 shares of the stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total value of $32,732,635.32. Following the completion of the sale, the director directly owned 1,463,220 shares of the company’s stock, valued at $522,940,195.80. This represents a 5.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the firm’s stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director directly owned 855,394 shares of the company’s stock, valued at $305,632,276.20. The trade was a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 599,724 shares of company stock valued at $213,126,501. 20.70% of the stock is currently owned by company insiders.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $335.16 on Tuesday. The firm has a fifty day moving average price of $320.95 and a 200-day moving average price of $304.09. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The stock has a market cap of $1.08 trillion, a PE ratio of 193.73, a price-to-earnings-growth ratio of 11.49 and a beta of 2.33. Tesla, Inc. has a 1 year low of $202.59 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA) last announced its quarterly earnings data 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). The firm had revenue of $22.50 billion during 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 business’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. Equities analysts anticipate that Tesla, Inc. will post 2.56 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.