Benjamin Edwards Inc. Purchases 2,403 Shares of Tesla, Inc. $TSLA

Key Points

• Benjamin Edwards Inc. increased its Tesla stake by 6.9% in the second quarter, purchasing 2,403 shares and bringing its holdings to 37,105 shares worth approximately $15.6 million.
• Tesla CFO Vaibhav Taneja sold 2,606 shares for about $1.05 million to cover tax-withholding obligations, reducing his position by 10.57%; insiders own 19.9% of the company.
• Tesla’s latest quarter showed revenue rising 25.5% year over year to $28.24 billion, but earnings per share of $0.33 missed estimates. The stock opened at $345.82, while analysts’ average price target is $401.74 and their consensus rating is “Hold.”

Benjamin Edwards Inc. boosted its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 6.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 37,105 shares of the electric vehicle producer's stock after purchasing an additional 2,403 shares during the period. Benjamin Edwards Inc.'s holdings in Tesla were worth $15,607,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Chapman Financial Group LLC acquired a new stake in shares of Tesla in the 2nd quarter valued at approximately $26,000. Friedenthal Financial lifted its stake in Tesla by 66.7% in the 1st quarter. Friedenthal Financial now owns 75 shares of the electric vehicle producer's stock valued at $28,000 after purchasing an additional 30 shares during the last quarter. Turning Point Benefit Group Inc. bought a new position in Tesla in the 3rd quarter valued at approximately $30,000. Texas Capital Bancshares Inc TX acquired a new stake in Tesla in the third quarter valued at approximately $31,000. Finally, Sarver Vrooman Wealth Advisors acquired a new stake in Tesla in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 66.20% of the company's stock.

Trending Headlines about Tesla

Here are the key news stories impacting Tesla this week:

• Positive Sentiment: Nevada increased Tesla’s permitted Las Vegas robotaxi fleet from 10 vehicles to 5,000, providing regulatory support for the company’s autonomous-driving strategy. However, Tesla still must deploy and operate the expanded fleet successfully. Nevada robotaxi approval
• Positive Sentiment: Elon Musk teased a larger Tesla vehicle, potentially an SUV or Robovan, addressing a product gap in family-oriented vehicles and potentially expanding the company’s addressable market. Tesla Robovan teaser

Insider Activity

In related news, CFO Vaibhav Taneja sold 2,606 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $402.20, for a total transaction of $1,048,133.20. Following the transaction, the chief financial officer owned 22,039 shares in the company, valued at $8,864,085.80. The trade was a 10.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 19.90% of the stock is owned by insiders.

Tesla Stock Down 1.3%

Shares of NASDAQ:TSLA opened at $345.82 on Thursday. Tesla, Inc. has a 1 year low of $297.38 and a 1 year high of $498.83. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.94 and a quick ratio of 1.55. The business's 50-day moving average is $362.28 and its 200-day moving average is $385.80. The company has a market capitalization of $1.37 trillion, a price-to-earnings ratio of 320.21, a P/E/G ratio of 17.68 and a beta of 1.83.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 22nd. The electric vehicle producer reported $0.33 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.17). Tesla had a return on equity of 3.82% and a net margin of 3.67%.The business had revenue of $28.24 billion for the quarter, compared to analyst estimates of $26.42 billion. During the same period in the prior year, the business earned $0.33 EPS. The company's revenue for the quarter was up 25.5% on a year-over-year basis. Equities research analysts predict that Tesla, Inc. will post 0.88 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TSLA. BMO Capital Markets assumed coverage on shares of Tesla in a report on Monday, August 17th. They set an "outperform" rating for the company. Roth Capital reiterated a "buy" rating and issued a $505.00 target price on shares of Tesla in a research report on Thursday, July 23rd. Piper Sandler cut their price target on Tesla from $500.00 to $450.00 and set an "overweight" rating on the stock in a research note on Friday, July 24th. Citigroup reaffirmed a "market perform" rating on shares of Tesla in a research note on Monday. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $485.00 target price (down from $510.00) on shares of Tesla in a research report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, nineteen have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $401.74.

About Tesla

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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