Alpine Bank Wealth Management Buys New Position in Tesla, Inc. (NASDAQ:TSLA)

Alpine Bank Wealth Management purchased a new position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,910 shares of the electric vehicle producer's stock, valued at approximately $754,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TSLA. Cherry Tree Wealth Management LLC raised its stake in Tesla by 86.3% during the 1st quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after acquiring an additional 44 shares during the last quarter. First PREMIER Bank increased its holdings in shares of Tesla by 79.2% in 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 period. Newton One Investments LLC raised its stake in shares of Tesla by 250.0% during the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock worth $27,000 after purchasing an additional 75 shares during the last quarter. True Wealth Design LLC lifted its holdings in shares of Tesla by 79.5% during the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock worth $28,000 after purchasing an additional 31 shares during the period. Finally, Horrell Capital Management Inc. grew its position in Tesla by 75.6% in the 4th quarter. Horrell Capital Management Inc. now owns 79 shares of the electric vehicle producer's stock valued at $32,000 after buying an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Tesla Stock Down 3.8%

Shares of NASDAQ TSLA opened at $327.55 on Thursday. The firm has a market cap of $1.06 trillion, a P/E ratio of 179.97, a price-to-earnings-growth ratio of 12.73 and a beta of 2.47. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.54 and a current ratio of 2.00. Tesla, Inc. has a 1 year low of $182.00 and a 1 year high of $488.54. The firm's 50 day moving average price is $311.59 and its 200 day moving average price is $331.45.

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

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Mizuho raised their target price on shares of Tesla from $325.00 to $390.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Canaccord Genuity Group reduced their price objective on shares of Tesla from $404.00 to $303.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Wells Fargo & Company lowered their price objective on Tesla from $135.00 to $130.00 and set an "underweight" rating on the stock in a report on Friday, March 14th. Barclays cut their target price on Tesla from $325.00 to $275.00 and set an "equal weight" rating for the company in a research note on Monday, April 21st. Finally, Truist Financial set a $280.00 price objective on Tesla in a report on Tuesday, April 22nd. Ten analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Tesla has a consensus rating of "Hold" and a consensus price target of $294.58.

Insiders Place Their Bets

In other Tesla news, Director Ira Matthew Ehrenpreis sold 477,572 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $357.30, for a total transaction of $170,636,475.60. Following the transaction, the director now owns 855,394 shares of the company's stock, valued at $305,632,276.20. This trade represents a 35.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Xiaotong Zhu sold 15,000 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $323.81, for a total transaction of $4,857,150.00. Following the sale, the senior vice president now directly owns 67,600 shares of the company's stock, valued at $21,889,556. This represents a 18.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 833,509 shares of company stock valued at $278,648,925. Insiders own 20.70% of the company's stock.

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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