Avondale Wealth Management Purchases 1,099 Shares of Tesla, Inc. $TSLA

Key Points

• Avondale Wealth Management has increased its stake in Tesla, Inc. by 27.9% in the second quarter, now holding 5,045 shares valued at approximately $1.6 million.
• Institutional investors own 66.20% of Tesla’s stock, with multiple funds reporting increases in their holdings during the same period.
• Analysts have set varied price targets for Tesla, with a consensus average target of $332.33, while two firms rate it as a Strong Buy and twelve assign a Hold rating.

Avondale Wealth Management increased its position in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 27.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,045 shares of the electric vehicle producer's stock after buying an additional 1,099 shares during the period. Tesla accounts for 0.9% of Avondale Wealth Management's holdings, making the stock its 20th biggest holding. Avondale Wealth Management's holdings in Tesla were worth $1,603,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. KWB Wealth raised its stake in Tesla by 2.4% during the second quarter. KWB Wealth now owns 1,381 shares of the electric vehicle producer's stock worth $439,000 after buying an additional 33 shares during the last quarter. Conrad Siegel Investment Advisors Inc. raised its stake in Tesla by 3.6% during the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock worth $310,000 after buying an additional 34 shares during the last quarter. Guyasuta Investment Advisors Inc. raised its stake in Tesla by 0.7% during the second quarter. Guyasuta Investment Advisors Inc. now owns 5,107 shares of the electric vehicle producer's stock worth $1,622,000 after buying an additional 34 shares during the last quarter. Kelly Financial Services LLC grew its holdings in Tesla by 2.7% in the second quarter. Kelly Financial Services LLC now owns 1,331 shares of the electric vehicle producer's stock worth $423,000 after purchasing an additional 35 shares during the period. Finally, Acorn Wealth Advisors LLC grew its holdings in Tesla by 1.9% in the first quarter. Acorn Wealth Advisors LLC now owns 1,901 shares of the electric vehicle producer's stock worth $493,000 after purchasing an additional 36 shares during the period. Institutional investors own 66.20% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on TSLA. Stifel Nicolaus set a $440.00 price target on shares of Tesla in a report on Friday, September 5th. HSBC restated a "reduce" rating and issued a $120.00 price target on shares of Tesla in a report on Thursday, July 3rd. Needham & Company LLC restated a "hold" rating on shares of Tesla in a report on Thursday, July 24th. Dbs Bank raised their price target on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. Finally, William Blair restated a "market perform" rating on shares of Tesla in a report on Friday, September 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have assigned a Hold rating and nine have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $332.33.

Tesla Stock Up 0.6%

TSLA opened at $443.21 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 2.04 and a quick ratio of 1.55. The company's 50-day moving average is $354.34 and its 200 day moving average is $316.75. Tesla, Inc. has a fifty-two week low of $212.11 and a fifty-two week high of $488.54. The firm has a market capitalization of $1.47 trillion, a P/E ratio of 256.19, a PEG ratio of 15.36 and a beta of 2.06.

Tesla (NASDAQ:TSLA - Get Free Report) last released its quarterly earnings results 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). Tesla had a net margin of 6.54% and a return on equity of 7.98%. The firm had revenue of $22.50 billion for the quarter, compared to the consensus estimate of $23.18 billion. During the same period in the previous year, the business earned $0.52 earnings per share. The firm's revenue for the quarter was down 11.8% on a year-over-year basis. Research analysts expect that Tesla, Inc. will post 2.56 earnings per share for the current fiscal year.

Insider Activity at Tesla

In related news, SVP Xiaotong Zhu sold 20,000 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $363.75, for a total transaction of $7,275,000.00. Following the transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at $17,314,500. This trade represents a 29.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Vaibhav Taneja sold 4,000 shares of Tesla stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $292.89, for a total transaction of $1,171,560.00. Following the completion of the sale, the chief financial officer directly owned 5,924 shares in the company, valued at approximately $1,735,080.36. This represents a 40.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 208,606 shares of company stock valued at $77,360,462 over the last ninety days. Corporate insiders own 19.90% 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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