Adero Partners LLC Increases Stake in Tesla, Inc. (NASDAQ:TSLA)

Adero Partners LLC grew its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 22.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,813 shares of the electric vehicle producer's stock after purchasing an additional 3,472 shares during the quarter. Adero Partners LLC's holdings in Tesla were worth $4,876,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TSLA. Sowell Financial Services LLC raised its position in shares of Tesla by 10.8% in the first quarter. Sowell Financial Services LLC now owns 32,620 shares of the electric vehicle producer's stock valued at $8,454,000 after buying an additional 3,182 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Tesla by 4.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 329,839 shares of the electric vehicle producer's stock valued at $85,481,000 after acquiring an additional 15,055 shares during the period. M.E. Allison & CO. Inc. grew its holdings in shares of Tesla by 15.5% during the 1st quarter. M.E. Allison & CO. Inc. now owns 844 shares of the electric vehicle producer's stock worth $219,000 after purchasing an additional 113 shares in the last quarter. Pflug Koory LLC lifted its position in Tesla by 370.4% during the first quarter. Pflug Koory LLC now owns 127 shares of the electric vehicle producer's stock worth $33,000 after purchasing an additional 100 shares during the period. Finally, 1900 Wealth Management LLC grew its stake in Tesla by 231.1% during the first quarter. 1900 Wealth Management LLC now owns 1,692 shares of the electric vehicle producer's stock worth $438,000 after buying an additional 1,181 shares in the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TSLA. Canaccord Genuity Group cut their price target on shares of Tesla from $404.00 to $303.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Cantor Fitzgerald lowered their price objective on shares of Tesla from $425.00 to $355.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Bank of America decreased their target price on shares of Tesla from $490.00 to $380.00 and set a "neutral" rating on the stock in a research note on Tuesday, March 4th. HSBC dropped their price target on Tesla from $165.00 to $130.00 and set a "reduce" rating for the company in a research note on Thursday, March 27th. Finally, Truist Financial set a $280.00 target price on Tesla in a report on Tuesday, April 22nd. Ten equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $293.67.

Tesla Stock Up 1.8%

TSLA stock traded up $5.70 during midday trading on Thursday, reaching $322.05. 94,677,402 shares of the company's stock traded hands, compared to its average volume of 100,787,054. The company has a market cap of $1.04 trillion, a price-to-earnings ratio of 176.95, a P/E/G ratio of 11.88 and a beta of 2.47. The firm's fifty day moving average price is $303.42 and its 200-day moving average price is $332.59. Tesla, Inc. has a 52 week low of $179.66 and a 52 week high of $488.54. The company has a quick ratio of 1.54, a current ratio of 2.00 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The electric vehicle producer reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.26). Tesla had a return on equity of 9.02% and a net margin of 6.66%. The company had revenue of $19.34 billion for the quarter, compared to the consensus estimate of $22.93 billion. During the same quarter last year, the company posted $0.45 EPS. As a group, sell-side analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tesla news, Director Kimbal Musk sold 91,588 shares of the business's stock in a transaction 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 now owns 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Vaibhav Taneja sold 4,000 shares of the firm's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $250.00, for a total value of $1,000,000.00. Following the completion of the transaction, the chief financial officer now directly owns 26,950 shares of the company's stock, valued at $6,737,500. The trade was a 12.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 833,509 shares of company stock valued at $278,648,925 in the last 90 days. 20.70% of the stock is currently owned by corporate insiders.

Tesla Profile

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.