Tesla, Inc. $TSLA Position Boosted by HRC Wealth Management LLC

HRC Wealth Management LLC lifted its stake in shares of Tesla, Inc. (NASDAQ:TSLA) by 2.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,136 shares of the electric vehicle producer’s stock after purchasing an additional 46 shares during the period. Tesla comprises about 0.4% of HRC Wealth Management LLC’s investment portfolio, making the stock its 25th biggest holding. HRC Wealth Management LLC’s holdings in Tesla were worth $679,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Belpointe Asset Management LLC raised its stake in Tesla by 42.9% during the second quarter. Belpointe Asset Management LLC now owns 47,696 shares of the electric vehicle producer’s stock worth $15,151,000 after acquiring an additional 14,314 shares during the period. Aquire Wealth Advisors LLC raised its stake in Tesla by 22.6% during the second quarter. Aquire Wealth Advisors LLC now owns 2,145 shares of the electric vehicle producer’s stock worth $681,000 after acquiring an additional 396 shares during the period. Valley National Advisers Inc. raised its stake in Tesla by 1.3% during the second quarter. Valley National Advisers Inc. now owns 4,075 shares of the electric vehicle producer’s stock worth $1,294,000 after acquiring an additional 54 shares during the period. Cedar Mountain Advisors LLC raised its stake in Tesla by 4.2% during the second quarter. Cedar Mountain Advisors LLC now owns 2,746 shares of the electric vehicle producer’s stock worth $872,000 after acquiring an additional 111 shares during the period. Finally, Duncan Williams Asset Management LLC raised its stake in Tesla by 15.0% during the second quarter. Duncan Williams Asset Management LLC now owns 2,746 shares of the electric vehicle producer’s stock worth $872,000 after acquiring an additional 359 shares during the period. Institutional investors own 66.20% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on TSLA. CICC Research increased their price objective on shares of Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a research note on Thursday, September 18th. Stifel Nicolaus set a $440.00 price objective on shares of Tesla in a research note on Friday, September 5th. Wedbush increased their price objective on shares of Tesla from $500.00 to $600.00 and gave the stock an “outperform” rating in a research note on Friday, September 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $355.00 price target on shares of Tesla in a research note on Friday, October 3rd. Finally, China Renaissance restated a “hold” rating and issued a $349.00 price target on shares of Tesla in a research note on Friday, July 25th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, thirteen have assigned a Hold rating and eight have given a Sell rating to the stock. According to MarketBeat.com, Tesla currently has an average rating of “Hold” and an average price target of $344.40.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,606 shares of the firm’s stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $352.38, for a total transaction of $918,302.28. Following the completion of the sale, the chief financial officer directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at $17,314,500. The trade was a 29.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock worth $75,588,902 over the last three months. Corporate insiders own 19.90% of the company’s stock.

Tesla Trading Down 4.4%

Tesla stock opened at $433.09 on Wednesday. The firm has a 50 day simple moving average of $368.81 and a 200-day simple moving average of $324.77. 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 capitalization of $1.44 trillion, a PE ratio of 250.34, a price-to-earnings-growth ratio of 15.75 and a beta of 2.08. Tesla, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54.

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

Tesla 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.