Allen Investment Management LLC Acquires Shares of 846 Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Allen Investment Management LLC acquired 846 shares of Tesla, Inc., valued at approximately $219,000, during the first quarter.
• Despite recent target price revisions by several analysts, Tesla maintains a consensus rating of "Hold" with an average price target of $302.75.
• Insider transactions indicate significant selling activity, with a total of 835,509 shares sold by insiders in the last ninety days, amounting to about $279.4 million.

Allen Investment Management LLC bought a new position in Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 846 shares of the electric vehicle producer's stock, valued at approximately $219,000.

A number of other hedge funds also recently made changes to their positions in TSLA. Serenus Wealth Advisors LLC grew its holdings in Tesla by 17.0% during the 1st quarter. Serenus Wealth Advisors LLC now owns 1,537 shares of the electric vehicle producer's stock valued at $398,000 after buying an additional 223 shares in the last quarter. Allium Financial Advisors LLC purchased a new position in shares of Tesla in the first quarter valued at $1,517,000. Security Financial Services INC. increased its position in Tesla by 28.8% in the first quarter. Security Financial Services INC. now owns 1,368 shares of the electric vehicle producer's stock worth $355,000 after purchasing an additional 306 shares during the last quarter. FourThought Financial Partners LLC raised its stake in Tesla by 16.5% during the first quarter. FourThought Financial Partners LLC now owns 1,582 shares of the electric vehicle producer's stock valued at $410,000 after purchasing an additional 224 shares in the last quarter. Finally, Brown Wealth Management LLC lifted its position in Tesla by 62.2% during the first quarter. Brown Wealth Management LLC now owns 1,199 shares of the electric vehicle producer's stock valued at $311,000 after purchasing an additional 460 shares during the last quarter. 66.20% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Tesla from $120.00 to $115.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 23rd. Bank of America boosted their price objective on Tesla from $305.00 to $341.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Baird R W downgraded Tesla from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 9th. Royal Bank Of Canada dropped their target price on Tesla from $314.00 to $307.00 and set an "outperform" rating for the company in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group decreased their price target on Tesla from $315.00 to $285.00 and set a "neutral" rating on the stock in a report on Friday, July 11th. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $302.75.

Tesla Price Performance

NASDAQ TSLA opened at $316.06 on Friday. The company has a market cap of $1.02 trillion, a price-to-earnings ratio of 182.69, a PEG ratio of 11.59 and a beta of 2.39. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.54. The stock's fifty day moving average price is $324.70 and its 200 day moving average price is $314.65. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). The firm had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, equities research analysts forecast that Tesla, Inc. will post 2.56 earnings per share for the current year.

Insider Activity at Tesla

In related news, Director Robyn M. Denholm sold 112,395 shares of the business's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total transaction of $30,809,717.40. Following the completion of the transaction, the director directly owned 85,000 shares in the company, valued at $23,300,200. The trade was a 56.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $357.30, for a total value of $170,636,475.60. Following the sale, the director directly owned 855,394 shares in the company, valued at $305,632,276.20. This represents a 35.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 835,509 shares of company stock worth $279,420,485 in the last ninety days. 20.70% of the stock is owned by company insiders.

Tesla Company 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.

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