Pinnacle Wealth Management LLC Increases Stake in Tesla, Inc. $TSLA

Pinnacle Wealth Management LLC boosted its position in shares of Tesla, Inc. (NASDAQ:TSLA) by 18.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 7,914 shares of the electric vehicle producer’s stock after purchasing an additional 1,219 shares during the quarter. Tesla comprises about 2.1% of Pinnacle Wealth Management LLC’s holdings, making the stock its 20th biggest holding. Pinnacle Wealth Management LLC’s holdings in Tesla were worth $2,514,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Financial Synergies Wealth Advisors Inc. boosted its holdings in shares of Tesla by 11.7% during the 2nd quarter. Financial Synergies Wealth Advisors Inc. now owns 1,379 shares of the electric vehicle producer’s stock valued at $438,000 after acquiring an additional 144 shares during the last quarter. Dumont & Blake Investment Advisors LLC purchased a new stake in shares of Tesla during the 2nd quarter valued at about $212,000. Arcus Capital Partners LLC boosted its holdings in shares of Tesla by 14.1% during the 2nd quarter. Arcus Capital Partners LLC now owns 3,827 shares of the electric vehicle producer’s stock valued at $1,216,000 after acquiring an additional 473 shares during the last quarter. Goldstein Advisors LLC boosted its holdings in shares of Tesla by 26.7% during the 2nd quarter. Goldstein Advisors LLC now owns 1,780 shares of the electric vehicle producer’s stock valued at $565,000 after acquiring an additional 375 shares during the last quarter. Finally, Wealthstream Advisors Inc. boosted its holdings in shares of Tesla by 17.3% during the 2nd quarter. Wealthstream Advisors Inc. now owns 2,847 shares of the electric vehicle producer’s stock valued at $904,000 after acquiring an additional 419 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Tesla Price Performance

NASDAQ TSLA opened at $439.31 on Friday. Tesla, Inc. has a 12 month low of $212.11 and a 12 month high of $488.54. The stock has a market cap of $1.46 trillion, a price-to-earnings ratio of 253.94, a PEG ratio of 15.79 and a beta of 2.08. The company’s 50 day moving average is $387.54 and its two-hundred day moving average is $333.60. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS 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 firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same quarter in the previous year, the business posted $0.52 EPS. Tesla’s revenue was down 11.8% on a year-over-year basis. As a group, research analysts anticipate that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insiders Place Their Bets

In other Tesla 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 sale, the chief financial officer owned 9,856 shares in the company, valued at approximately $3,473,057.28. This trade represents a 20.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James R. Murdoch sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $422.68, for a total transaction of $25,360,800.00. Following the sale, the director owned 637,031 shares in the company, valued at approximately $269,260,263.08. The trade was a 8.61% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,606 shares of company stock worth $75,588,902. Company insiders own 19.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TSLA. Barclays reaffirmed a “negative” rating and set a $350.00 price target (up previously from $275.00) on shares of Tesla in a report on Thursday. TD Cowen raised their price target on shares of Tesla from $374.00 to $509.00 and gave the company a “buy” rating in a report on Thursday, October 9th. BNP Paribas Exane began coverage on shares of Tesla in a report on Thursday. They set an “underperform” rating and a $307.00 price target on the stock. Guggenheim reiterated a “sell” rating and issued a $175.00 price objective on shares of Tesla in a research note on Wednesday, July 23rd. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Tesla in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, twelve have issued a Hold rating and ten have assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $363.54.

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.