1,397 Shares in Tesla, Inc. $TSLA Bought by Alta Capital Management LLC

Key Points

• Alta Capital Management LLC has acquired a new position in Tesla, purchasing 1,397 shares valued at approximately $444,000 in the second quarter.
• Insider selling includes Director James R. Murdoch selling 60,000 shares for $25.36 million, and CFO Vaibhav Taneja selling 2,606 shares valued at over $918,000.
• The consensus rating for Tesla's stock is currently a "Hold", with a target price of $363.54 set by analysts.

Alta Capital Management LLC purchased a new position in Tesla, Inc. (NASDAQ:TSLA - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,397 shares of the electric vehicle producer's stock, valued at approximately $444,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in TSLA. Cherry Tree Wealth Management LLC increased its stake in shares of Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock worth $25,000 after buying an additional 44 shares during the last quarter. First PREMIER Bank increased its stake in Tesla by 79.2% during the first 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 stake in Tesla during the first quarter valued at $27,000. Chelsea Counsel Co. increased its stake in Tesla by 59.7% during the first quarter. Chelsea Counsel Co. now owns 107 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 40 shares during the last quarter. Finally, Centennial Bank AR increased its stake in Tesla by 833.3% during the first quarter. Centennial Bank AR now owns 112 shares of the electric vehicle producer's stock valued at $29,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 66.20% of the company's stock.

Insider Buying and Selling

In related news, Director James R. Murdoch sold 60,000 shares of the company's stock in a transaction dated Monday, September 15th. The shares were 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 owned 637,031 shares of the company's stock, valued at $269,260,263.08. This represents a 8.61% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Vaibhav Taneja sold 2,606 shares of the company's stock in a transaction dated Monday, September 8th. The stock was 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 of the company's stock, valued at $3,473,057.28. The trade was a 20.91% 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 over the last 90 days. 19.90% of the stock is currently owned by company insiders.

Tesla Stock Performance

TSLA stock opened at $428.75 on Friday. The company has a market capitalization of $1.43 trillion, a P/E ratio of 247.83, a PEG ratio of 15.64 and a beta of 2.08. The company has a 50-day simple moving average of $385.34 and a 200 day simple moving average of $332.07. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week 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 - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%.The business's revenue for the quarter was down 11.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 EPS. Sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Barclays reiterated a "negative" rating and set a $350.00 target price (up previously from $275.00) on shares of Tesla in a research note on Thursday. Cantor Fitzgerald reiterated an "overweight" rating and set a $355.00 target price on shares of Tesla in a research note on Friday, October 3rd. Bank of America boosted their target price on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Baird R W raised shares of Tesla from a "hold" rating to a "strong-buy" rating in a report on Friday, September 19th. Finally, Mizuho boosted their price target on shares of Tesla from $375.00 to $450.00 and gave the company an "outperform" rating in a report on Tuesday, September 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, twelve have assigned a Hold rating and ten have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.