Angeles Wealth Management LLC Grows Stake in Tesla, Inc. $TSLA

Key Points

• Angeles Wealth Management LLC increased its Tesla stake by 50.3% in the first quarter, ending with 17,377 shares valued at about $6.46 million.
• Several other institutional investors also raised their Tesla holdings, and overall institutional ownership stands at 66.2% of the company’s stock.
• Tesla’s latest earnings beat EPS estimates at $0.41 vs. $0.39, but revenue came in below expectations; meanwhile, analysts currently rate the stock a Hold with an average price target of $408.07.

Angeles Wealth Management LLC grew its stake in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 50.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,377 shares of the electric vehicle producer's stock after purchasing an additional 5,816 shares during the quarter. Angeles Wealth Management LLC's holdings in Tesla were worth $6,460,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Clearstead Trust LLC boosted its holdings in shares of Tesla by 22.8% in the 1st quarter. Clearstead Trust LLC now owns 944 shares of the electric vehicle producer's stock valued at $351,000 after buying an additional 175 shares during the period. Bessemer Group Inc. grew its holdings in shares of Tesla by 23.6% during the first quarter. Bessemer Group Inc. now owns 56,240 shares of the electric vehicle producer's stock valued at $20,908,000 after purchasing an additional 10,747 shares during the last quarter. Gerald Baker Financial Group LLC acquired a new stake in shares of Tesla during the 1st quarter worth approximately $504,000. Allspring Global Investments Holdings LLC raised its position in shares of Tesla by 3.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 279,371 shares of the electric vehicle producer's stock worth $106,513,000 after purchasing an additional 9,770 shares during the period. Finally, Frisch Financial Group Inc. lifted its holdings in shares of Tesla by 15.5% in the 1st quarter. Frisch Financial Group Inc. now owns 1,681 shares of the electric vehicle producer's stock worth $625,000 after purchasing an additional 225 shares during the last quarter. Institutional investors and hedge funds own 66.20% of the company's stock.

Insider Activity at Tesla

In other news, CFO Vaibhav Taneja sold 2,606 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $402.20, for a total value of $1,048,133.20. Following the completion of the sale, the chief financial officer directly owned 22,039 shares of the company's stock, valued at approximately $8,864,085.80. This represents a 10.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Kathleen Wilson-Thompson sold 26,409 shares of the business's stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $378.11, for a total transaction of $9,985,506.99. Following the transaction, the director directly owned 48,399 shares in the company, valued at $18,300,145.89. This trade represents a 35.30% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 32,015 shares of company stock valued at $12,383,640. 19.90% of the stock is owned by corporate insiders.

Tesla Stock Down 0.9%

TSLA stock opened at $391.06 on Friday. The firm has a market capitalization of $1.47 trillion, a P/E ratio of 358.77, a P/E/G ratio of 14.39 and a beta of 1.80. The company's 50 day simple moving average is $410.37 and its 200-day simple moving average is $406.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 2.04 and a quick ratio of 1.62. Tesla, Inc. has a 52-week low of $297.82 and a 52-week high of $498.83.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The electric vehicle producer reported $0.41 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.02. The firm had revenue of $22.39 billion for the quarter, compared to the consensus estimate of $22.96 billion. Tesla had a net margin of 3.95% and a return on equity of 4.89%. The firm's revenue was up 15.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.27 earnings per share. As a group, equities research analysts anticipate that Tesla, Inc. will post 1.3 EPS for the current year.

Wall Street Analysts Forecast Growth

TSLA has been the topic of a number of analyst reports. Phillip Securities dropped their price objective on shares of Tesla from $220.00 to $215.00 and set a "sell" rating on the stock in a report on Wednesday, May 13th. Guggenheim started coverage on shares of Tesla in a research report on Monday, June 29th. They issued a "neutral" rating for the company. Evercore upgraded shares of Tesla from a "hold" rating to an "outperform" rating in a research note on Friday, June 5th. Jefferies Financial Group set a $400.00 price target on Tesla and gave the company a "hold" rating in a report on Monday. Finally, UBS Group increased their price objective on Tesla from $364.00 to $442.00 and gave the stock a "neutral" rating in a report on Thursday, July 9th. Twenty-one investment analysts have rated the stock with a Buy rating, twenty-one have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $408.07.

More Tesla News

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Tesla’s stronger-than-expected vehicle deliveries last quarter support the case that demand remains resilient, and the company may also benefit from tighter global emissions rules that could accelerate EV adoption. Tesla’s Delivery Surprise Was Big—Earnings Need to Be Bigger
• Positive Sentiment: Investor interest is high ahead of the July 22 earnings call, with questions focused on robotaxi progress, Optimus, Cybercab, and Elon Musk’s comments, which could provide a catalyst if Tesla offers credible updates. Tesla Q2 Earnings: Elon Musk's Pay Package, Cybercab and Optimus Lead Top Investor Questions
• Positive Sentiment: Some analysts remain constructive, noting Tesla is positioned to benefit from EV adoption trends and long-term software/autonomy opportunities. Tesla Rides Tightening Global Emission Standards for EV Thrust

Tesla Profile

Tesla, Inc NASDAQ: TSLA is an American company that designs, manufactures and sells electric vehicles, energy generation and energy storage products. Founded in 2003 by Martin Eberhard and Marc Tarpenning, Tesla grew into a vertically integrated mobility and clean‑energy company with Elon Musk serving as its chief executive officer. The company's stated mission is to accelerate the world's transition to sustainable energy, reflected in its combined focus on electric drivetrains, battery technology, renewable energy products and software.

Tesla's automotive business includes a lineup of battery‑electric vehicles and related services.

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