Assetmark Inc. Grows Holdings in Tesla, Inc. (NASDAQ:TSLA)

Key Points

• Assetmark Inc. increased its holdings in Tesla by 12.7%, acquiring an additional 38,627 shares, bringing their total stake to 343,007 shares valued at approximately $88.9 million.
• Several analysts have issued mixed ratings for Tesla, with price targets ranging from $120 to $341, and an overall consensus rating of "Hold" with an average target price of $302.75.
• Tesla's stock rose by 3.5% to $316.06, following lower-than-expected earnings of $0.40 per share, missing consensus estimates by $0.03 and representing an 11.8% year-over-year revenue decline.

Assetmark Inc. grew its stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) by 12.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 343,007 shares of the electric vehicle producer's stock after buying an additional 38,627 shares during the period. Assetmark Inc.'s holdings in Tesla were worth $88,894,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Cherry Tree Wealth Management LLC increased its holdings in Tesla by 86.3% in the first quarter. Cherry Tree Wealth Management LLC now owns 95 shares of the electric vehicle producer's stock valued at $25,000 after buying an additional 44 shares in the last quarter. First PREMIER Bank increased its holdings in 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 buying an additional 42 shares in the last quarter. Newton One Investments LLC increased its holdings in Tesla by 250.0% in the first quarter. Newton One Investments LLC now owns 105 shares of the electric vehicle producer's stock valued at $27,000 after buying an additional 75 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in Tesla in the first quarter valued at $27,000. Finally, True Wealth Design LLC increased its holdings in Tesla by 79.5% in the fourth quarter. True Wealth Design LLC now owns 70 shares of the electric vehicle producer's stock valued at $28,000 after buying an additional 31 shares in the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insider Activity at Tesla

In other news, Director Robyn M. Denholm sold 112,395 shares of the company's stock in a transaction on Tuesday, May 6th. The shares were sold at an average price of $274.12, for a total value of $30,809,717.40. Following the completion of the transaction, the director owned 85,000 shares in the company, valued at approximately $23,300,200. This represents a 56.94% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Xiaotong Zhu sold 15,000 shares of the company'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 completion of the transaction, the senior vice president owned 67,600 shares of the company's stock, valued at approximately $21,889,556. The trade was a 18.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 835,509 shares of company stock worth $279,420,485 over the last ninety days. 20.70% of the stock is currently owned by insiders.

Tesla Stock Up 4.1%

TSLA traded up $12.85 during trading hours on Monday, hitting $328.91. 67,322,329 shares of the company's stock were exchanged, compared to its average volume of 108,157,156. The company has a current ratio of 2.04, a quick ratio of 1.55 and a debt-to-equity ratio of 0.07. Tesla, Inc. has a 12-month low of $182.00 and a 12-month high of $488.54. The firm has a market cap of $1.06 trillion, a P/E ratio of 190.31, a price-to-earnings-growth ratio of 9.93 and a beta of 2.39. The firm has a 50 day moving average of $324.70 and a 200 day moving average of $313.53.

Tesla (NASDAQ:TSLA - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 EPS for the quarter, missing the consensus estimate of $0.43 by ($0.03). Tesla had a return on equity of 7.98% and a net margin of 6.54%. The firm had revenue of $22.50 billion for the quarter, compared to analyst estimates of $23.18 billion. During the same quarter last year, the firm earned $0.52 EPS. The company's revenue was down 11.8% on a year-over-year basis. Analysts predict that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

Analysts Set New Price Targets

TSLA has been the subject of a number of recent analyst reports. Morgan Stanley reaffirmed an "overweight" rating and issued a $410.00 price objective on shares of Tesla in a report on Friday, June 6th. Daiwa Capital Markets reaffirmed a "neutral" rating on shares of Tesla in a report on Sunday. Robert W. Baird reaffirmed a "neutral" rating and issued a $320.00 price objective on shares of Tesla in a report on Monday, June 9th. Piper Sandler reiterated an "overweight" rating and issued a $400.00 target price on shares of Tesla in a research report on Tuesday, June 10th. Finally, China Renaissance reiterated a "hold" rating and issued a $349.00 target price on shares of Tesla in a research report on Friday. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Tesla currently has a consensus rating of "Hold" and an average target price of $302.75.

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.