Ellis Investment Partners LLC Raises Stake in Tesla, Inc. $TSLA

Ellis Investment Partners LLC boosted its position in Tesla, Inc. (NASDAQ:TSLA) by 4.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 1,030 shares of the electric vehicle producer’s stock after purchasing an additional 42 shares during the period. Ellis Investment Partners LLC’s holdings in Tesla were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC grew its position in Tesla by 11.8% during the 4th quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer’s stock worth $35,509,000 after acquiring an additional 9,293 shares during the last quarter. Revolve Wealth Partners LLC lifted its position in Tesla by 21.2% in the fourth quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer’s stock valued at $2,147,000 after purchasing an additional 931 shares during the last quarter. Bison Wealth LLC lifted its position in Tesla by 52.2% in the fourth quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer’s stock valued at $4,187,000 after purchasing an additional 3,558 shares during the last quarter. GAMMA Investing LLC lifted its position in Tesla by 6.0% in the first quarter. GAMMA Investing LLC now owns 37,862 shares of the electric vehicle producer’s stock valued at $9,812,000 after purchasing an additional 2,153 shares during the last quarter. Finally, Aries Wealth Management lifted its position in Tesla by 7.9% in the first quarter. Aries Wealth Management now owns 1,000 shares of the electric vehicle producer’s stock valued at $259,000 after purchasing an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company’s stock.

Insider Buying and Selling

In other news, Director James R. Murdoch sold 60,000 shares of the 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 sale, the director directly owned 637,031 shares of the company’s stock, valued at approximately $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 directly owned 9,856 shares in the company, valued at approximately $3,473,057.28. This represents a 20.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 202,606 shares of company stock valued at $75,588,902 over the last ninety days. Company insiders own 19.90% of the company’s stock.

Analyst Ratings Changes

TSLA has been the subject of several recent research reports. Piper Sandler boosted their price objective on Tesla from $400.00 to $500.00 and gave the company an “overweight” rating in a research report on Monday, September 22nd. Royal Bank Of Canada boosted their price objective on Tesla from $325.00 to $500.00 and gave the company an “outperform” rating in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and issued a $355.00 price objective on shares of Tesla in a research report on Friday, October 3rd. Canaccord Genuity Group boosted their price objective on Tesla from $333.00 to $490.00 and gave the company a “buy” rating in a research report on Tuesday, September 30th. Finally, Industrial Alliance Securities set a $300.00 target price on Tesla in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, thirteen have given a Hold rating and eight have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $363.03.

Tesla Price Performance

Shares of TSLA stock opened at $435.90 on Tuesday. The stock has a market cap of $1.45 trillion, a price-to-earnings ratio of 251.97, a PEG ratio of 14.92 and a beta of 2.08. The business’s fifty day moving average is $378.50 and its 200 day moving average is $329.48. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last issued its quarterly 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). 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%.Tesla’s revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.52 earnings per share. Research analysts expect that Tesla, Inc. will post 2.56 EPS 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.