Boyce & Associates Wealth Consulting Inc. Increases Stake in Tesla, Inc. $TSLA

Key Points

• Boyce & Associates Wealth Consulting Inc. increased its stake in Tesla by 86.3% during the second quarter, raising its holdings to 2,245 shares valued at approximately $713,000.
• A variety of other hedge funds also boosted their stakes in Tesla, indicating significant institutional investor interest, with 66.20% of the stock now owned by institutional investors.
• Insider selling activity was notable, with CFO Vaibhav Taneja and SVP Xiaotong Zhu selling substantial shares, contributing to a total of 208,606 shares sold by insiders in the last three months.

Boyce & Associates Wealth Consulting Inc. raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA - Free Report) by 86.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,245 shares of the electric vehicle producer's stock after buying an additional 1,040 shares during the period. Boyce & Associates Wealth Consulting Inc.'s holdings in Tesla were worth $713,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its stake in shares of Tesla by 11.8% in the fourth quarter. Brighton Jones LLC now owns 87,929 shares of the electric vehicle producer's stock valued at $35,509,000 after acquiring an additional 9,293 shares during the period. Revolve Wealth Partners LLC increased its stake in Tesla by 21.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 5,317 shares of the electric vehicle producer's stock worth $2,147,000 after buying an additional 931 shares during the period. Mascagni Wealth Management Inc. bought a new position in Tesla during the 4th quarter worth about $346,000. Bison Wealth LLC grew its holdings in Tesla by 52.2% during the 4th quarter. Bison Wealth LLC now owns 10,368 shares of the electric vehicle producer's stock worth $4,187,000 after acquiring an additional 3,558 shares in the last quarter. Finally, Menard Financial Group LLC boosted its holdings in shares of Tesla by 47.2% in the 4th quarter. Menard Financial Group LLC now owns 4,449 shares of the electric vehicle producer's stock valued at $1,797,000 after buying an additional 1,427 shares in the last quarter. 66.20% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Vaibhav Taneja sold 4,000 shares of the company's stock in a transaction on 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 transaction, the chief financial officer directly owned 5,924 shares in the company, valued at $1,735,080.36. This represents a 40.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $363.75, for a total value of $7,275,000.00. Following the completion of the transaction, the senior vice president directly owned 47,600 shares of the company's stock, valued at approximately $17,314,500. The trade was a 29.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 208,606 shares of company stock worth $77,360,462 in the last three months. 19.90% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

TSLA has been the topic of a number of recent analyst reports. Dbs Bank raised their price target on shares of Tesla from $300.00 to $450.00 in a report on Wednesday, September 17th. HSBC reaffirmed a "reduce" rating and issued a $120.00 price objective on shares of Tesla in a research report on Thursday, July 3rd. Wedbush reaffirmed an "outperform" rating and set a $500.00 target price on shares of Tesla in a report on Monday, September 15th. Guggenheim reaffirmed a "sell" rating and set a $175.00 target price on shares of Tesla in a research note on Wednesday, July 23rd. Finally, Glj Research reissued a "sell" rating on shares of Tesla in a research report on Thursday, July 24th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, twelve have given a Hold rating and nine have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $326.74.

Tesla Stock Performance

Tesla stock opened at $425.85 on Wednesday. The stock's 50 day moving average price is $345.33 and its 200 day moving average price is $310.67. The firm has a market capitalization of $1.42 trillion, a PE ratio of 246.16, a price-to-earnings-growth ratio of 15.15 and a beta of 2.06. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.55 and a current ratio of 2.04. Tesla, Inc. has a one year low of $212.11 and a one year high of $488.54.

Tesla (NASDAQ:TSLA - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (EPS) 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 business had revenue of $22.50 billion during the quarter, compared to analyst estimates of $23.18 billion. During the same period in the previous year, the company earned $0.52 earnings per share. The business's revenue for the quarter was down 11.8% on a year-over-year basis. As a group, sell-side analysts expect that Tesla, Inc. will post 2.56 EPS for the current fiscal year.

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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