Udine Wealth Management Inc. Raises Position in Tesla, Inc. $TSLA

Udine Wealth Management Inc. lifted its holdings in Tesla, Inc. (NASDAQ:TSLA) by 1.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,690 shares of the electric vehicle producer’s stock after buying an additional 176 shares during the quarter. Tesla makes up about 2.0% of Udine Wealth Management Inc.’s portfolio, making the stock its 12th biggest position. Udine Wealth Management Inc.’s holdings in Tesla were worth $3,396,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Sovereign Financial Group Inc. raised its holdings in shares of Tesla by 104.2% in the second quarter. Sovereign Financial Group Inc. now owns 2,030 shares of the electric vehicle producer’s stock worth $645,000 after buying an additional 49,849 shares during the period. Cerro Pacific Wealth Advisors LLC raised its holdings in shares of Tesla by 23.5% in the second quarter. Cerro Pacific Wealth Advisors LLC now owns 993 shares of the electric vehicle producer’s stock worth $315,000 after buying an additional 189 shares during the period. Johnson Investment Counsel Inc. raised its holdings in shares of Tesla by 2.4% in the second quarter. Johnson Investment Counsel Inc. now owns 139,691 shares of the electric vehicle producer’s stock worth $44,374,000 after buying an additional 3,287 shares during the period. waypoint wealth counsel raised its holdings in shares of Tesla by 30.2% in the second quarter. waypoint wealth counsel now owns 2,709 shares of the electric vehicle producer’s stock worth $861,000 after buying an additional 629 shares during the period. Finally, Investment Advisory Group LLC raised its holdings in shares of Tesla by 1.6% in the second quarter. Investment Advisory Group LLC now owns 6,039 shares of the electric vehicle producer’s stock worth $1,918,000 after buying an additional 98 shares during the period. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Tesla Stock Down 5.1%

Shares of NASDAQ TSLA opened at $413.49 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1.37 trillion, a PE ratio of 239.01, a price-to-earnings-growth ratio of 14.92 and a beta of 2.08. The stock’s fifty day simple moving average is $375.97 and its two-hundred day simple moving average is $328.28. Tesla, Inc. has a 12-month low of $212.11 and a 12-month high of $488.54.

Tesla (NASDAQ:TSLA) last announced its earnings results 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 for 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 firm’s revenue was down 11.8% compared to the same quarter last year. During the same period last year, the business posted $0.52 EPS. As a group, analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on Tesla from $345.00 to $435.00 and gave the stock a “buy” rating in a report on Friday, September 26th. Cantor Fitzgerald restated an “overweight” rating and set a $355.00 price objective on shares of Tesla in a report on Friday, October 3rd. Daiwa Capital Markets restated a “neutral” rating on shares of Tesla in a report on Sunday, July 27th. Canaccord Genuity Group raised their price objective on Tesla from $333.00 to $490.00 and gave the stock a “buy” rating in a report on Tuesday, September 30th. Finally, CICC Research raised their price objective on Tesla from $360.00 to $450.00 and gave the stock an “outperform” rating in a report on Thursday, September 18th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, thirteen have issued a Hold rating and eight have issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $354.67.

Insider Transactions at Tesla

In other news, SVP Xiaotong Zhu sold 20,000 shares of the firm’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the sale, the senior vice president owned 47,600 shares of the company’s stock, valued at $17,314,500. This trade represents a 29.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $422.68, for a total value of $25,360,800.00. Following the completion of the sale, the director directly owned 637,031 shares of the company’s stock, valued at $269,260,263.08. The trade was a 8.61% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,606 shares of company stock valued at $75,588,902 in the last quarter. 19.90% of the stock is currently owned by corporate insiders.

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.