Hidden Cove Wealth Management LLC Has $355,000 Stock Position in Tesla, Inc. $TSLA

Hidden Cove Wealth Management LLC grew its position in Tesla, Inc. (NASDAQ:TSLA) by 14.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,119 shares of the electric vehicle producer’s stock after purchasing an additional 141 shares during the period. Hidden Cove Wealth Management LLC’s holdings in Tesla were worth $355,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Cherry Tree Wealth Management LLC lifted its stake in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank lifted its stake in shares of Tesla by 79.2% in the 1st quarter. First PREMIER Bank now owns 95 shares of the electric vehicle producer’s stock valued at $25,000 after purchasing an additional 42 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Tesla during the first quarter valued at about $27,000. Newton One Investments LLC lifted its position in shares of Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer’s stock worth $27,000 after buying an additional 75 shares during the last quarter. Finally, Chelsea Counsel Co. boosted its stake in shares of Tesla by 59.7% during the 1st quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Baird R W upgraded Tesla from a “hold” rating to a “strong-buy” rating in a report on Friday, September 19th. Wedbush reaffirmed an “outperform” rating and set a $500.00 price objective on shares of Tesla in a report on Monday, September 15th. The Goldman Sachs Group boosted their target price on shares of Tesla from $300.00 to $395.00 and gave the stock a “neutral” rating in a research report on Thursday, September 18th. Robert W. Baird raised Tesla from a “neutral” rating to an “outperform” rating and raised their price target for the company from $320.00 to $548.00 in a research report on Friday, September 19th. Finally, China Renaissance reiterated a “hold” rating and issued a $349.00 price objective on shares of Tesla in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the company’s stock. According to MarketBeat, Tesla has an average rating of “Hold” and a consensus price target of $326.74.

Tesla Stock Performance

Tesla stock opened at $425.85 on Wednesday. The firm has a market capitalization of $1.42 trillion, a P/E ratio of 246.16, a P/E/G ratio of 15.15 and a beta of 2.06. The stock has a fifty day moving average price of $345.33 and a two-hundred day moving average price of $310.67. Tesla, Inc. has a 52-week low of $212.11 and a 52-week high of $488.54. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55.

Tesla (NASDAQ:TSLA) last posted its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%.The firm had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the previous year, the company posted $0.52 EPS. The firm’s revenue for the quarter was down 11.8% compared to the same quarter last year. As a group, analysts anticipate that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Insider Activity

In other Tesla news, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction on Monday, July 7th. The stock was sold at an average price of $292.89, for a total value of $1,171,560.00. Following the completion of the transaction, the chief financial officer owned 5,924 shares in the company, valued at approximately $1,735,080.36. The trade was a 40.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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. The trade was a 14.69% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 208,606 shares of company stock worth $77,360,462. Insiders own 19.90% of the company’s stock.

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.