Adams Wealth Management Increases Stock Position in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Adams Wealth Management increased its stake in Tesla, boosting ownership by 31% to 12,099 shares worth approximately $3.13 million.
• Several hedge funds also raised their positions in Tesla during the 1st quarter, with Philadelphia Trust Co. showing the largest increase at 67.8%.
• In recent analyst reports, Tesla received a mix of ratings, with Bank of America increasing its target price from $305 to $341, while HSBC set a target of $120.

Adams Wealth Management boosted its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 31.0% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,099 shares of the electric vehicle producer's stock after purchasing an additional 2,861 shares during the quarter. Adams Wealth Management's holdings in Tesla were worth $3,134,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Roberts Capital Advisors LLC lifted its stake in Tesla by 13.8% in the 1st quarter. Roberts Capital Advisors LLC now owns 11,389 shares of the electric vehicle producer's stock worth $2,952,000 after purchasing an additional 1,384 shares in the last quarter. Tyler Stone Wealth Management raised its position in shares of Tesla by 15.5% during the 1st quarter. Tyler Stone Wealth Management now owns 10,580 shares of the electric vehicle producer's stock valued at $2,742,000 after buying an additional 1,416 shares in the last quarter. Menora Mivtachim Holdings LTD. raised its position in shares of Tesla by 24.8% during the 1st quarter. Menora Mivtachim Holdings LTD. now owns 661,735 shares of the electric vehicle producer's stock valued at $171,495,000 after buying an additional 131,481 shares in the last quarter. Philadelphia Trust Co. raised its position in shares of Tesla by 67.8% during the 1st quarter. Philadelphia Trust Co. now owns 1,931 shares of the electric vehicle producer's stock valued at $500,000 after buying an additional 780 shares in the last quarter. Finally, Cresset Asset Management LLC raised its position in shares of Tesla by 1.7% during the 1st quarter. Cresset Asset Management LLC now owns 220,613 shares of the electric vehicle producer's stock valued at $57,174,000 after buying an additional 3,620 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

TSLA has been the topic of several recent research reports. Raymond James Financial cut shares of Tesla to an "outperform" rating in a research report on Tuesday, April 22nd. Bank of America upped their target price on shares of Tesla from $305.00 to $341.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. HSBC restated a "reduce" rating and set a $120.00 target price on shares of Tesla in a research report on Thursday, July 3rd. William Blair downgraded shares of Tesla from an "outperform" rating to a "market perform" rating in a report on Monday, July 7th. Finally, Wedbush reiterated an "outperform" rating and set a $500.00 price target on shares of Tesla in a report on Monday, August 4th. Ten research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Tesla has a consensus rating of "Hold" and an average target price of $303.31.

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,000 shares of the stock in a transaction that occurred on Tuesday, July 8th. The shares were sold at an average price of $300.00, for a total transaction of $600,000.00. Following the completion of the sale, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,777,200. This represents a 25.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kimbal Musk sold 91,588 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.39, for a total transaction of $32,732,635.32. Following the sale, the director directly owned 1,463,220 shares of the company's stock, valued at $522,940,195.80. The trade was a 5.89% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 599,724 shares of company stock worth $213,126,501. 20.70% of the stock is currently owned by insiders.

Tesla Stock Performance

Shares of NASDAQ:TSLA opened at $330.56 on Friday. The company has a market capitalization of $1.07 trillion, a price-to-earnings ratio of 191.08, a price-to-earnings-growth ratio of 11.67 and a beta of 2.33. Tesla, Inc. has a 52 week low of $202.59 and a 52 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. The firm has a 50 day moving average of $320.41 and a 200 day moving average of $305.81.

Tesla (NASDAQ:TSLA - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $22.50 billion during the quarter, compared to the consensus estimate of $23.18 billion. Tesla had a return on equity of 7.98% and a net margin of 6.54%. The business's quarterly revenue was down 11.8% on a year-over-year basis. During the same period last year, the firm earned $0.52 EPS. On average, sell-side analysts predict that Tesla, Inc. will post 2.56 earnings per share 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.

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