Cahaba Wealth Management Inc. Invests $241,000 in Tesla, Inc. $TSLA

Key Points

• Cahaba Wealth Management Inc. has invested approximately $241,000 in Tesla by purchasing 758 shares during the second quarter of the year.
• Recent insider trading reveals that Tesla's CFO sold 4,000 shares for over $1.17 million, resulting in a 40.31% decrease in their holdings.
• Several brokerages have updated their price targets for Tesla, with Morgan Stanley setting a target of $410.00 while HSBC positioned it at $120.00.

Cahaba Wealth Management Inc. purchased a new stake in Tesla, Inc. (NASDAQ:TSLA - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 758 shares of the electric vehicle producer's stock, valued at approximately $241,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Conrad Siegel Investment Advisors Inc. raised its stake in Tesla by 3.6% in the second quarter. Conrad Siegel Investment Advisors Inc. now owns 976 shares of the electric vehicle producer's stock valued at $310,000 after purchasing an additional 34 shares in the last quarter. Acorn Wealth Advisors LLC grew its holdings in shares of Tesla by 1.9% during 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 in the last quarter. Solutions 4 Wealth Ltd lifted its position in Tesla by 2.0% in the first quarter. Solutions 4 Wealth Ltd now owns 1,815 shares of the electric vehicle producer's stock valued at $470,000 after purchasing an additional 36 shares during the last quarter. ACT Wealth Management LLC raised its holdings in Tesla by 0.7% in the second quarter. ACT Wealth Management LLC now owns 5,405 shares of the electric vehicle producer's stock worth $1,717,000 after purchasing an additional 36 shares in the last quarter. Finally, Capital Management Associates Inc boosted its position in shares of Tesla by 3.4% during the first quarter. Capital Management Associates Inc now owns 1,166 shares of the electric vehicle producer's stock valued at $302,000 after buying an additional 38 shares during the last quarter. Hedge funds and other institutional investors own 66.20% of the company's stock.

Insiders Place Their Bets

In other 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 value of $1,171,560.00. Following the transaction, the chief financial officer owned 5,924 shares of the company's stock, valued at $1,735,080.36. This represents a 40.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Xiaotong Zhu sold 20,000 shares of the company's stock in a transaction dated 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 sale, the senior vice president owned 47,600 shares in the company, valued at approximately $17,314,500. This trade represents a 29.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,606 shares of company stock valued at $77,360,462. Insiders own 19.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TSLA. Morgan Stanley reiterated an "overweight" rating and issued a $410.00 target price on shares of Tesla in a report on Friday, September 5th. HSBC restated a "reduce" rating and set a $120.00 price target on shares of Tesla in a research report on Thursday, July 3rd. Argus reissued a "hold" rating on shares of Tesla in a report on Monday, June 9th. UBS Group restated a "sell" rating on shares of Tesla in a research note on Monday, September 22nd. Finally, The Goldman Sachs Group lifted their price objective on shares of Tesla from $300.00 to $395.00 and gave the stock a "neutral" rating in a research report on Thursday, September 18th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, twelve have issued a Hold rating and nine have issued a Sell rating to the company's stock. According to data from MarketBeat, Tesla presently has a consensus rating of "Hold" and an average price target of $332.33.

Tesla Stock Performance

NASDAQ:TSLA opened at $440.40 on Friday. The stock has a market cap of $1.46 trillion, a P/E ratio of 254.57, a price-to-earnings-growth ratio of 15.36 and a beta of 2.06. The firm's fifty day simple moving average is $352.05 and its 200 day simple moving average is $314.88. Tesla, Inc. has a twelve month low of $212.11 and a twelve month high of $488.54. The company has a quick ratio of 1.55, a current ratio of 2.04 and a debt-to-equity ratio of 0.07.

Tesla (NASDAQ:TSLA - Get Free Report) last released its earnings results on Wednesday, July 23rd. The electric vehicle producer reported $0.40 earnings per share (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 during the quarter, compared to analysts' expectations of $23.18 billion. During the same period in the prior year, the company posted $0.52 earnings per share. The company's revenue was down 11.8% compared to the same quarter last year. As a group, research analysts predict that Tesla, Inc. will post 2.56 EPS for the current year.

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.

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