Baron Wealth Management LLC Grows Stock Position in Tesla, Inc. $TSLA

Baron Wealth Management LLC increased its position in Tesla, Inc. (NASDAQ:TSLA) by 33.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,944 shares of the electric vehicle producer’s stock after acquiring an additional 1,245 shares during the quarter. Tesla comprises approximately 0.6% of Baron Wealth Management LLC’s holdings, making the stock its 22nd biggest position. Baron Wealth Management LLC’s holdings in Tesla were worth $1,571,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC increased its holdings in Tesla by 86.3% in the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 44 shares in the last quarter. First PREMIER Bank increased its holdings in Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock worth $25,000 after acquiring an additional 42 shares in 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 worth $27,000 after acquiring an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in Tesla in the 1st quarter worth approximately $27,000. Finally, Chelsea Counsel Co. grew its holdings in Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock valued at $28,000 after buying an additional 40 shares in the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TSLA has been the subject of a number of research analyst reports. HSBC reaffirmed a “reduce” rating and set a $120.00 price objective on shares of Tesla in a report on Thursday, July 3rd. Royal Bank Of Canada reaffirmed an “overweight” rating on shares of Tesla in a report on Tuesday, July 29th. Stifel Nicolaus set a $440.00 price objective on shares of Tesla in a report on Friday, September 5th. Glj Research reaffirmed a “sell” rating on shares of Tesla in a report on Thursday, July 24th. Finally, UBS Group set a $290.00 price objective on shares of Tesla in a report on Monday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, fourteen have given a Hold rating and nine have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $303.00.

Tesla Stock Performance

TSLA stock opened at $421.62 on Wednesday. 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 business’s fifty day simple moving average is $333.69 and its two-hundred day simple moving average is $305.35. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The firm has a market cap of $1.36 trillion, a price-to-earnings ratio of 243.71, a PEG ratio of 14.30 and a beta of 2.06.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share 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 analysts’ expectations of $23.18 billion. During the same quarter in the previous year, the business earned $0.52 EPS. The business’s revenue for the quarter was down 11.8% on a year-over-year basis. Analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla news, Director James R. Murdoch sold 120,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $350.29, for a total value of $42,034,800.00. Following the sale, the director owned 697,031 shares in the company, valued at $244,162,988.99. This trade represents a 14.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction on Monday, September 8th. The stock was sold at an average price of $352.38, for a total value of $918,302.28. Following the completion of the sale, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. The trade was a 20.91% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 148,606 shares of company stock worth $51,999,662 over the last quarter. Company insiders own 20.70% of the company’s stock.

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.